The Opportunity

£10m bridging facility with UK developer The High Street Group over two prime regional developments in Newcastle city centre. The deal’s underlying assets consist of Hadrian’s Tower, a landmark 27-storey residential development comprising 162 luxury apartments and a rooftop champagne bar, due to complete in October 2020, and Strawberry Place, a parcel of land with planning permission in place for 2 residential blocks of 328 units, 12,000 sq m of office space and a 200 bed hotel. Reditum arranged the financing with second charge security over Hadrian’s Tower and first charge security over Strawberry Place. 

Location

The Strawberry Place site is located between the city’s retail core, Newcastle Helix and Newcastle Football Stadium. It occupies an important location as the termination of St James’ Boulevard and, due to its elevated position, is prominent within the city and surrounding area. Upon completion Hadrian’s Tower will be the highest tower in Newcastle, standing at 83 meters, and represents a welcome influx of new investment into the city centre. 

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