January 29, 2020 @ 16:03 by Richard Dawson
A new project to redevelop apartments in Newcastle city centre has moved one step closer after two firms signed an agreement to fund and deliver the scheme.
The joint venture will see the conversion of 10,800 sq. ft offices at 152-156 New Bridge Street into 24 high quality apartments, offering a mix of one, two, three, and four-bedroom properties.
The building is located on one of the main routes into the city, as well as being close to Manors Metro Station and the Northumbria University campus.
Morton Group, a Newcastle-based property developer, will fund and develop the site after coming to an agreement with owners Tyneside Group, another local property developer.
Tyneside Group acquired planning permission for the project in July 2019, which will see the building rebranded to “Regent Manor” and aimed at students and young professionals.
Gary Morton, CEO of Morton Group, said: “We’re delighted to partner with Tyneside Group to bring forward Regent Manor.
“Our unique company structure, which includes our delivery companies Lok Developments and Kapex Construction, allows us to raise the required development funds as well as manage the construction of the scheme on the ground.
“Our strong commitment to quality and accountability means we will deliver the best possible results for Tyneside Group and for the future residents of Regent Manor.
“Its prime location on a main route into Newcastle, high quality design and ambitious project team makes it another fantastic residential scheme for us to take forward.”
Robbie Kalbraier, managing director of Tyneside Group, added: “Having obtained planning permission in summer 2019, we are now excited about joining with Gary and his team to create an exceptional new residential development in Newcastle at the start of a new decade.”
The joint venture agreement was managed by law firms Weightmans, for Morton Group, and Square One Law, on behalf of Tyneside Group.