September 9 2019 @ 18:33 by Alison Cowie
Taras Properties has secured planning permission for the first £40m phase of its office scheme on the former Bank of England “city centre gateway” site at the junction of Pilgrim Street and Swan House roundabout in Newcastle.
Taras will invest in the construction of Bank House, a 14-storey 120,000 sq ft office building, incorporating 10,000 sq ft floor-plates of open plan, column-free space and ground-floor retail space.
The scheme also involves public realm improvements incorporating planting, new seating areas and realignment of the junction of Pilgrim Street with the 55 Degrees roundabout.
Taras Properties said that planning decision cements its long-term partnership with Newcastle City Council, reporting that “The Bank House new build project will trigger further private sector investment at 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.”
The project is scheduled to start on site early in 2020.
Gordon Hewling of Avison Young, joint agent with Knight Frank, added that the permission “represents a keynote step forward for the overall East Pilgrim Street regeneration scheme”.
Patrick Matheson, partner at Knight Frank commented:“ Bank House will provide a best-in-class workplace in a very strategic position in the city centre. It will respond directly to the increasing demand for high quality Grade A office space in Newcastle”.
Avison Young and Ryder Architecture are instructed by Taras Properties to progress a further planning application for Bank Square on the eastern side of Pilgrim Street, which includes the former Worswick Street bus station and the NCP car park on Carliol Square.
Additional design studies are also being progressed at Worswick Chambers, a listed building adjacent to Bank Square.