A major residential development in the North East of England will now progress after receiving significant financial backing.
Developer Olympian Homes and international real estate investor Hines have announced a funding agreement for the new Pottery Lane development in Newcastle upon Tyne.
The riverside Built-To-Rent (BTR) scheme will deliver 519 apartments in the city after a £121 million financial boost.
Olympian Homes said ground investigations, archaeological surveys and work on the sub-structure are already underway.
When constructed, Pottery Lane will span a Gross Internal Area (GIA) of 430,520 sq. ft.
Other features include access to 10,000 sq. ft. of internal amenity space and 15,220 sq. ft. of external amenity space, as well as views across the River Tyne.
Olympian submitted a detailed planning application for the development to Newcastle City Council in December 2019.
The Pottery Lane scheme was designed by Todd Architects, with WT Partnership acting as project manager and quantity surveyor.
Construction is currently scheduled to complete in April 2027.
“The development will provide high-quality residential accommodation close to the waterfront,” said Olympian.
“As well being a short distance from city centre amenities, the scheme will provide residents with excellent access to transport links as well an uninterrupted view across the Tyne Gorge towards the iconic bridges.”
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