Developers have revealed how huge swathes of Newcastle city centre – including the current Stack site – could be transformed into a £200m luxury leisure, shopping and living scheme, with the potential to create hundreds of jobs.
Work will soon get under way on a transformation of Newcastle’s East Pilgrim Street, which will unfold over the next 10 years, injecting more than £300m of investment into the city.
Property consultancy Avison Young is driving forward plans for land owned by the billionaire Reuben Brothers, the prominent real estate siblings who were ranked the 60th wealthiest people in the world in the most recent Forbes List.
Friday saw city council planners give the green light to the first phase of the developments plans, which will result in the empty Bank of England plot being replaced with Bank House, a 14-storey 120,000 sqft Grade A landmark office building, which it is hoped will then be joined by further, surrounding office buildings with the potential to support 4,000 jobs.
Now, having received approval to kickstart regeneration, Avison Young has revealed a later stage of the development project, working with architects, engineers, Newcastle City Council and bus companies on plans for the top section of Pilgrim Street.
The plans would see full redevelopment of the fire station, Carliol House and the former Odeon cinema site, where Stack Newcastle will remain until 2022.
CGIs by Ryder Architecture show how the shopping, leisure and new housing scheme could look, with Stack Newcastle replaced by a curved structure for prime retailers, with a rooftop terrace, adjacent to a second new building containing more shops, with bars and restaurants on the upper storey. Next door would be a new-build residential building providing homes for more than 300 people.
Nearby, the old police and fire station is set to be converted into potential restaurant and bar, while Carliol House will be turned into a hotel with up to 250 bedrooms. Discussions are already under way with potential operators.
The CGIs suggest that New Bridge Street would be pedestrianised to its junction with John Dobson Street but developers said that may not form part of the final plans.
In all, more than 660,000sqft of new mixed use space will be created.
Before this part of the scheme goes before planners – after the planned completion of Bank Square in 2022 – British Virgin Islands-registered Taras Properties is scheduled to start building Bank House early next year, after putting the building’s construction out to tender.
A further application will then be made this autumn to develop the rest of the Bank Square site, bringing forward a further 400,000sqft of office space and retail space with a subterranean car park, on the extended site which includes the former Worswick Street bus station and the NCP car park on Carliol Square.
Additional design studies are also being progressed for Worswick Chambers, a listed building adjacent to Bank Square.
Speaking after Friday’s approval of the Bank House scheme, Gordon Hewling, principal and managing director, Avison Young, said: “Achievement of planning permission for this first phase new landmark office building represents a keynote step forward for the overall East Pilgrim Street regeneration scheme, which will enhance Newcastle City Centre’s attractiveness as both a leisure and business destination.”
A spokesman for Taras Properties said: “This is a keynote decision by Newcastle City Council which cements our long term partnership with them, to secure the regeneration of this major gateway site.
“The Bank House new build project will trigger further private sector investment in the former police and fire station sites, as well as exciting new mixed use proposals for the Northern block between Market Street and New Bridge Street.”
Source: Chronicle Live