Newcastle based property company, All Saints Living, is to undertake the development of one of the city’s tallest buildings. The 82 metre high structure situated in Rutherford Street, off St James’ Boulevard, recently received planning approval. When completed the 26 storey building will comprise 162 private rented sector (PRS) apartments, providing homes for up to 456 people.
Planning consultancy DPP and architects Faulkner Browns developed the original application, which involves the demolition of a semi-derelict warehouse to make way for the building.
As part of the planning consent it was also agreed that up to £500,000 would be invested in the surrounding streets 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. In addition, public viewing from the rooftop – offering panoramic views of the city and even as far as the coast – will be available 18 times each year.
Stonegate Developments submitted the application and Managing Director, Andrew Rennie, commented: “I am delighted to be working with All Saints Living, which will now take the development forward and expects to be able to commence construction by the autumn.”
All Saints Living is a division of multi-disciplinary company, High Street Group, with Director, Keith McDougall, welcoming the opportunity to play a key role in the development. He said: “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. In addition, it will provide an attractive investment opportunity, with yields of up to 6%, that would bring further capital to the city to support economic growth. Around a sixth of the UK’s population lives in privately rented accommodation and this is forecast to grow. The private rented sector (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. The new homes will contribute around £230,000 a year in Council Tax and attract a new homes bonus from the government of £222,000. Over five years that represents almost £1.4M, which will be spent in the local area to benefit the city.”
Source – UK Construction Online