A new student accommodation scheme will be created in Newcastle city centre following the sale of a former office building for more than £1.7 million.
Acting for York-based development company S Harrison, Newcastle property consultants Walton Robinson secured the sale of 4-6 North Street East to The High Street Group of Companies. The leading financial and property group is also responsible for the creation of Newcastle’s tallest building – a 27-storey tower currently under construction on Rutherford Street in the city centre.
The former four storey office building was previously used by Northumbria University’s estates team, but it has been vacant for two years. It will now be transformed into 46 studio apartments for students to rent. Work on the project will start in July with the apartments being made available for the 2019 student intake.
David Clancy, from S Harrison, said: “Having secured planning permission for the development we instructed Walton Robinson to bring the building to the market. Located within Newcastle’s urban core just a few minutes’ walk from the metro and bus stations, its proximity to both Northumbria and Newcastle Universities make it ideal for student accommodation.”
Richard Ponton, Investment Director at Walton Robinson, said: “We are delighted to have acted for S Harrison in the disposal of this city centre asset. The number of interested parties we have dealt with on this site is a sure sign of the strong appetite for residential development in Newcastle.”
The High Street Group of Companies is the holding company for 45 businesses, specialising in property investment and development and the leisure sector. This includes large scale private rented sector projects, homes for sale – including both new build and refurbishment – hotels, restaurants and bars. Headquartered in Newcastle and employing more than 100 people, its operations include well established brands such as All Saints Living, All Saints Construction and Hotel 52.
Andrew Clennell, Managing Director with All Saints Construction, a division of The High Street Group of Companies, said: “This is our first venture in providing student accommodation but our expertise in creating attractive modern apartments in city centres across the UK is perfectly transferable for this type of project. We plan to provide high quality living spaces for those coming to study in Newcastle.”