328 Residential Units Coming to Central Newcastle
Reditum Capital have acquired a new 250-year leasehold interest on the land to the south of St. James Park football stadium from Nexus, the operator of the Tyne and Wear Metro.
This enables the construction of a mixed-use development comprising 328 residential units, a 130,000 sq ft office building, 200-room hotel, and associated retail and leisure, across four distinct buildings, along with significant public enhancements, for which the site has full planning consent.
Reditum have provided a significant front-ended monetary contribution towards the Tyne & Wear Metro, as well as a commitment towards future works to the St James Metro Station.
A leading team of professionals has been appointed to deliver the project; including a variety of top-tier local and international firms. Firms based in the North-East include Tolent Construction, Ryder Architecture, Braodoak Asset Management, and Youngs RPS. International firms include CBRE, BNP Paribas, Squire Patton Boggs, DWF, and Turner & Townsend.
Mark Stephen the founder and managing director of Reditum Capital has stated: “Reditum are pleased to be in a position to fully unlock the potential of this leading site. Given the history and prominent location, we have strived to engage with the numerous stakeholders to achieve this. We have, and are committed to, injecting significant funding to fully construct the project in manner which creates a market-leading mix-used development. We are particularly excited and impressed by the continued regeneration of the centre of Newcastle, and the commitment and enthusiasm we have witnessed from Nexus and both the public and private sectors in delivering this vision. We anticipate that Strawberry Place will be a fitting contribution to this.”