Developers are forging ahead with a £41m regeneration scheme overlooking the Tyne on the Gateshead riverside, starting with the demolition of an old industrial site.
The former Brett Oils site in Gateshead is poised to be transformed by the High Street Group, which is building two tower blocks with 269 one and two-bedroomed apartments, duplexes, commercial office and retail space.
The plans mean the oil depot, which closed 16 years ago, is now being demolished, representing the first stage of the Brett Wharf development. The 1.5-acre site will be subject to a two-year construction programme, with building work due to begin later this year.
High Street Group says the creation of the two new tower blocks will create a new community on Gateshead’s quayside overlooking the river, with the ground floors including office space, cafés and restaurants, leisure and parking.
The upper floors of the buildings will consist of one- and two-bedroom partments. Rooftop communal terraces offering stunning views across the Tyne and its landmark bridges are also being created.
Gary Forrest, chairman of The High Street Group, said: “Brett Wharf will create a new community on the banks of the River Tyne for professionals and meet the growing demand for high quality, future-proofed homes close to the centre of both Gateshead and Newcastle.
“Mixed use developments like Brett Wharf provide a real opportunity to create vibrant destinations that offers world-class apartments, workspaces and hospitality venues for both residents and the local community to enjoy, adding economic and social value to the area.”
The Gateshead scheme is the latest in a portfolio of projects being delivered on Tyneside by The High Street Group, including Newcastle’s tallest building, Hadrian’s Tower.
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The group last month also took full control of the £120m plans to transform land around St James’ Park, becoming sole developer working on the regeneration of Strawberry Place featuring new apartment blocks, offices, a sports bar and a hotel.
It has now been announced that Reditum Capital, a provider of finance for real estate developers and investors, has arranged a £10m bridging facility with The High Street Group for the development.
Mark Stephen, founder and managing director of Reditum Capital, said: “The deal represents positive news for a credit market temporarily set back by Covid-19 uncertainty. We are one of the few financiers still well-capitalised and prepared to provide short-term financing for high-quality developments.
“The land at Strawberry Place holds great promise for future investment as the most prominent undeveloped parcel of land in the stadium district.”