Retirement and later living developer PegasusLife have been chosen as a preferred bidder for the former Jesmond Dene Nurseries site in the sought after Newcastle suburb of Jesmond.
Subject to contract, PegasusLife is aiming to deliver a mix of 91 later living apartments and, with joint venture partners, 18 executive family homes. Early plans also include restoring and developing the historic police stables at the site, which will provide 30 additional hotel bedrooms and a spa facility for Jesmond Dene House Hotel.
PegasusLife strives to deliver developments that contribute sensitively to the town or city in which they are situated. For this reason, the developer has chosen FaulknerBrowns Architects to deliver this project and another in the local area.
Ian Trinder, PegasusLife’s CFO says: “Having grown up in Jesmond, I have a very personal connection with this location. I am really pleased that we are a step closer to bringing PegasusLife’s vision – to deliver the very best in retirement living – to Newcastle. Not only is Jesmond a sought after locality, this site in particular is one of great local prestige. The sale of this site – which has sat empty and unused for three years – is going to inject much needed funds back into the council.”
Cllr Ged Bell, Cabinet Member for Inclusive Growth at Newcastle City Council said: “This prime development site, in the heart of Jesmond Vale, offers a unique opportunity to provide a range of housing choices to meet the needs of our residents, and we are delighted to be working with PegasusLife on this innovative scheme.
“Our aim is to provide the highest possible standard of living for all our residents, and these proposals from PegasusLife will offer a new and modern approach to later living.
“The sale of the site will help us invest in Newcastle’s future, and deliver on our commitment to create more balanced communities and deliver inclusive growth that everyone can benefit from.”
PegasusLife is planning to breathe new life into Jesmond Dene Nurseries, to provide much needed good quality housing for those over sixty. PegasusLife has reinvigorated the retirement housing market, designing and building homes of architectural merit that are sympathetic to their local landscape. Operationally, the business offers properties with 1,000 year leases, not-for-profit management fees and does not charge exit fees.
Howard Phillips, CEO, PegasusLife added: “We are thrilled to be picked as preferred bidders for this project. We look forward to working with the local authority, and other local businesses, to help deliver high quality housing in Jesmond.”