Joint venture deal to bring forward Newcastle apartments
29 Jan 2020
The redevelopment of 152-156 New Bridge Street in Newcastle into 24 high quality new apartments is one step closer as Morton Group signs a deal with Tyneside Group to fund and deliver the scheme.
The joint venture will bring forward the £6.6million redevelopment known as ‘Regent Manor’. The plans, granted planning permission in July 2019, will see the conversion of the existing 10,800 sq ft office block into 24 modern apartments offering a mix of one, two, three and four-bedroomed properties.
Located close to the Northumbria University campus, Manors Metro Station and on one of the main routes into Newcastle, the scheme, designed by Mawson Kerr Architects, is likely to appeal to young professionals and university students.
Construction is expected to start on site early this year, with completion expected by late spring 2021.
Newcastle based property and development specialists, Morton Group, will fund and build out the development through its delivery companies, Lok Developments and Kapex Construction.
This is the fifth development deal signed by Morton Group in the last 20 months, behind a number of luxury residential schemes in Newcastle including Regents Plaza Apartments and Sycamore Square in Gosforth.
Gary Morton, Group 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, said: “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.”
Law firm Weightmans managed the joint venture agreement on behalf of Morton Group, and Square One Law worked for Tyneside Group.