Reditum Capital, in a joint venture partnership with Newby, have acquired Quayside West, one of the North East’s largest regeneration opportunities. The partnership plans to provide a mixed-use development of 1,200 homes, a 140 key hotel and associated commercial, retail, leisure, and public space.
Quayside West comprises 18.4 acres fronting the River Tyne and represents the most prominent undeveloped site in the city. The site is at the heart of Newcastle City Council’s “Forth Yards” development framework, which aims to create a new urban area in the former industrial area to the immediate west of the city centre.
Newcastle has seen a wave of regeneration in recent years, and Quayside West will be at the forefront of the city’s next phase of urban expansion and modernisation.
Newby are the leading developer of large regeneration schemes and the management of strategic land. Newby have previously completed the redevelopment of the former Nestle chocolate factory in York comprising 258 units; Velocity Village in Sheffield comprising of 468 residential units and 120,000 sq ft of office space; and having previously gained a residential-led planning permission for 104 acres of former agricultural land in Gloucestershire, comprising 1,500 units.
Newcastle has enormous political support for the proposed scheme due to a lack of new build supply and the vast contribution the scheme will make to the local economy. Outlining planning permission has already been granted, significantly de-risking the planning process. Newby are also in discussions with Homes for England grant funding for the infrastructure works for a sum of £4.8m which both increases profit and lessens senior debt exposure.
The Newcastle market is growing and the area has long term regeneration prospects given its central location. Savills have forecasted cumulative growth in the mainstream North East residential market of 17.6% over the next five years, and 2.0% in 2019.
Quayside West is a vacant site located on the River Tyne in Newcastle. The site is within the western limits of Newcastle city centre, close by to key local services such as Newcastle Central Station and the Monument Metro Station and adjacent to the river. The QuayLink bus service connects the site to most of the main destinations in the Newcastle area, serving those who live, work, study and visit the city.
The majority of the site has been cleared of buildings and industry over the past 20 years and is predominantly the remains of a historic leadworts operation. Because of the site’s previous industrial history, a comprehensive environmental and ground conditions survey has been undertaken and an intensive remediation and decontamination strategy is planned for the site.