Member Article

Time to Invest in Newcastle’s Bigg Market

A project aiming to bring new life to the Bigg Market in Newcastle City Centre is on the way to receiving £2.9m of funding to make the plans a reality.

NE1 Ltd, an independent company launched in 2009 to help businesses in Newcastle, has received £202,800 from the Heritage Lottery Fund (HLF) to develop plans for the Bigg Market and make the official bid for the £1.6m which has been earmarked by the HLF in early 2016. With match funding this will make a total pot of £2.9m to regenerate the area.

There are 31 listed buildings and an ancient marketplace in the Bigg Market and some of the money will be used for conservation and restoration projects as well as aiming to improve the quality of businesses in the area.

Commenting on the award, Sean Bullick, Chief Executive at NE1 Ltd said:

“We are delighted that out of 30 submissions nationally, the Bigg Market proposal has been successful for Phase 1 funding. The Bigg Market has been failing to add value to the city for years; this project will reverse this. NE1’s vision for the Bigg Market, shared by Newcastle City Council and the business community, provides a real opportunity to re-create a historic quarter in Newcastle that is also commercially sustainable, making a positive contribution to the city centre in future. “In helping prepare this bid we are enormously grateful for the support provided by Newcastle City Council, Plus 3 Architecture, Kevin Doonan Architects, Turner & Townsend and the North of England Civic Trust.

We are confident this positive first step will give private investors the confidence to bring forward their own investment plans, potentially worth millions to the area and local economy.“

BIGG MARKET INVESTMENT OPPORTUNITY: PORTFOLIO FOR SALE

Walton Robinson is delighted to bring to the market for sale this exciting portfolio of investment properties located in the Bigg Market, Newcastle city centre. The portfolio comprises of one ground floor commercial unit, a four bedroom apartment on the first floor and a five bedroom apartment on the second floor. The residential units are let until Summer 2015 and the lease on the commercial unit runs until 2030. Combined, the property generates an annual income of £52,889 and a gross annual yield of 8.4%.

Richard Ponton, Director of Newcastle Estate Agency Walton Robinson said; “The central location of Newcastle’s Bigg Market means it offers excellent links across the city on foot, and the wider region via the Metro system and National Rail at nearby Central Station. Whilst the area is currently not what it once was, this injection of lottery cash designed to improve the area will present wonderful conditions for investment”.

This was posted in Bdaily's Members' News section by Sally Bettinson .