A giant crane – possibly the biggest ever in Newcastle – has come to ‘toon’ to help construct the city’s tallest building.
It was erected over the bank holiday weekend in Rutherford Street – just off St. James’ Boulevard – where developer, High Street Residential, is building Hadrian’s Tower.
The 127 metre tall monster – which can lift up to eight tones – arrived on the back of nine large lorries, together with a second crane, to help assemble it.
And it will be in town for around 18 months as Tolent Living constructs the 82 metre, 27 storey tower, which will provide 162 high quality one and two bedroomed apartments for private rent.
Hadrian’s Tower is the flagship £46 million project of High Street Residential – one of the Newcastle based High Street Group of Companies.
It has a string of similar developments in major UK cities, either under construction or going through the planning process. These initiatives have a gross development value (GDV) of £360 million and will create 1,729 apartments for private rent. And there are further schemes being considered, which could take the GDV beyong £1 billion, delivering over 3,000 apartments.
Those at Hadrian’s Tower are being marketed by leading property investment agency, Surrenden Invest. They are being bought by institutional and wealthy private investors.
The people expected to rent them are young professionals, such as post graduate students taking up medical, bioscience and hi-tech jobs in the city. This demographic seeks the flexibility of renting a home, in order to remain mobile in the higher end jobs market. Already almost 19% of the UK population is renting privately and this figure is expected to grow significantly.
With its headquarters in Cuthbert House, The High Street Group of Companies was established by successful entrepreneur Gary Forrest in 2006. It has grown to become a leading financial and property group employing over 100 people in activities including large scale property development and construction, hospitality and leisure.