Development partner sought for £725m Newcastle scheme
Homes England has appointed Avison Young to find a development partner for its £725m GDV resi-led scheme at Forth Yards in Newcastle.
Avison Young is packaging up the Forth Yards site as a development opportunity with a view to taking it to market in September or October this year.
The move comes a month after Homes England acquired Quayside West, the largest land parcel at Forth Yards, out of administration.
Homes England has appointed Avison Young to find a development partner for its £725m GDV resi-led scheme at Forth Yards in Newcastle.
Avison Young is packaging up the Forth Yards site as a development opportunity with a view to taking it to market in September or October this year.
The move comes a month after Homes England acquired Quayside West, the largest land parcel at Forth Yards, out of administration.
Homes England’s acquisition brought the site into public sector ownership, with other landowners of the Forth Yards area including Newcastle City Council, North of Tyne Combined Authority and Network Rail.
The 51-acre brownfield regeneration site, located next to Newcastle Central station, has the potential to deliver up to 3,000 new homes alongside leisure and retail facilities. It is in the early stages of masterplanning.
The existing land is home to Newcastle’s Utilita Arena, which has recently secured approval for relocation to Gateshead Quayside.
At a panel at MIPIM earlier today, Michael Palin, executive director for markets, partners and places at Homes England, told delegates: “There is a national cross-party recognition that regeneration of places is required.
“We have seen the private sector crowding back into large-scale regeneration schemes across the country, and that is a shift we are looking to sustain.”
Michelle Percy, director of place at Newcastle City Council, said: “It gives me great pride to see three leaders coming together to bring forward that joint vision for the residents of our region, but we absolutely acknowledge that without a strong private sector [partner] we won’t be able to drive that change.”
Stuart Howie, regional managing director for Leeds and head of regeneration at Avison Young UK, said: “Forth Yards is a transformational opportunity for Newcastle. As a crucial new gateway into the city, the 51-acre development is the last major undeveloped brownfield site on the waterfront and is set to deliver a vibrant, well-connected and sustainable community.”
He added: “It will provide enhanced infrastructure and connectivity for the western edge of the city, revitalising an underutilised stretch of the waterfront, with a keen focus on creating social and environmental value.
“Strong public sector leadership has driven progress to date and, going forward, the city partners are well placed to work in partnership with the private sector to realise Forth Yards’ planned transformation.”
Image © Invest Newcastle
