All Saints Living has been appointed to construct and market what will be Newcastle’s tallest building.
The 82-metre high structure, located on Rutherford Street off St James’ Boulevard, will be made up of 26 storeys and comprise 162 private rented sector (PRS) apartments, providing enough space for 456 residents.
The off-plan sale of the 96 single and 66 twin-bedroomed apartments is expected to begin within the next few weeks.
Keith McDougall, director of All Saints Living, said: “We are delighted to be playing such a vital role in what will be a landmark development in the North East. It represents a £40m investment in Newcastle and is expected to create up to 400 direct and supply chain jobs, through a structured training and employment management plan.
“Around a sixth of the UK’s population lives in privately rented accommodation and this is forecast to grow.
“The PRS in the UK has, until now, been predominantly individual properties marketed through estate agents. However, institutional PRS in developments such as this one is now becoming more evident.”
McDougall believes the new homes will contribute about £230,000 a year in council tax and attract a new homes bonus from the government of £222,000. Over five years, that represents a spend of almost £1.4m.
Stonegate Developments submitted the application with planning consultancy DPP and architecture practice Faulkner Browns having developed the original application.
The masonry and glazing façade at the lower level will blend with the existing streetscape and reflect the grade II-listed print works building opposite. At the upper levels, a more vertical style, with steps and cantilevers will be incorporated.
As part of the planning consent it was also agreed that up to £500,000 would be invested in the surrounding streetscapes to upgrade the walkways and signage in the old town walls area. A further £700,000 will be made available for affordable housing elsewhere in the city.