Strawberry Place changes hands again after Mike Ashley sale
The High Street Group has acquired a large mixed-use development next to Newcastle United’s football ground.
HSG has acquired a controlling stake in the special purpose vehicle for the £120m Strawberry Place scheme, previously owned by billionaire Mike Ashley, for just over £10m.
The site, which currently comprises a car park between the Strawberry pub and St James’ Park, has plans for a 21-storey tower of 300 apartments, a 200-bedroom hotel and a 12-storey 115,000 sq ft office block.
The High Street Group has acquired a large mixed-use development next to Newcastle United’s football ground.
HSG has acquired a controlling stake in the special purpose vehicle for the £120m Strawberry Place scheme, previously owned by billionaire Mike Ashley, for just over £10m.
The site, which currently comprises a car park between the Strawberry pub and St James’ Park, has plans for a 21-storey tower of 300 apartments, a 200-bedroom hotel and a 12-storey 115,000 sq ft office block.
Last year, NUFC owner Mike Ashley sold the scheme to Helios Investment Partners and Marrico Asset Management.
The controversial scheme has faced a backlash from fans, who fear high-rise development will block views of the stadium and prevent expansion of the football grounds.
HSG has vowed to work with fans to unlock the site, providing enhanced food and leisure facilities for pre and post-match revellers.
HSG chairman Gary Forrest said: “This significant investment in Newcastle is part of the High Street Group’s continued mission to build communities and regenerate city centres.
“Our vision is to create a true community hub with leisure and retail facilities, a magnificent new hotel, luxury apartments at affordable rents and high quality office space.”
The developer is currently building Newcastle’s tallest building at Hadrian’s Tower. The 83m block will provide 161 apartments for sale and private rent, with a Laurent Perrier champagne lounge on the 27th floor.
The High Street Group has a portfolio of 3,000 apartments with a gross development value of £644m in development with pipeline schemes bringing this to 5,000 apartments valued at £1.1bn. It has a target to grow to £3bn by 2022.
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