Member Article

Oil depot site acquired for apartment project

The company creating Newcastle’s tallest building – Hadrian’s Tower - has acquired another Tyneside site for development.

High Street Residential has taken ownership of the former Brett Oils depot on Gateshead Quayside and plans to build around 250 high quality apartments for the private rented sector (PRS).

Discussions with the local planning authority are already underway and a formal application is expected to be lodged shortly.

With construction of 162 apartments in the 27 storey Hadrian’s Tower now underway just of St. James’ Boulevard in Newcastle, the rapidly expanding developer also hopes to acquire a third Tyneside site on Pottery Lane – adjacent to the Metro Radio Arena - for a further 250 apartment development.

High Street Residential is part of The High Street Group of Companies, which was established by Gary Forrest in 2006. It has grown to become a leading financial and property group employing over 100 people in activities including large scale property development and construction, hospitality and leisure.

From its headquarters in Stockbridge House, Newcastle, it is driving a string of PRS projects with a gross development value of over £600 million, which will create almost 3,000 apartments. Apart from those in Newcastle there are developments in Birmingham, Manchester, Milton Keynes, Salford and Warrington.

Group chairman Gary Forrest said: “As we begin construction of Hadrian’s Tower, the Brett Wharf and Pottery Lane schemes will add further to our contribution to the regeneration of the Newcastle Gateshead Urban Core. The former oil depot site is perhaps the last prime development site in the heart of the Newcastle Gateshead Quayside with direct river frontage.”

“Almost 19% of the UK population is renting privately. And with young professionals increasing seeking high quality, city living with the flexibility of being able to follow the jobs market, PRS is here to stay.

“In response, we are creating high quality living spaces, future proofed through the use of the latest smart technologies. Our developments also offer extremely attractive investment opportunities for institutional and individual investors.”

Brett Oils Paul Lucas added: “We occupied the Pipewellgate site since 1927 and have been a major Gateshead employer. The High Street Residential plans will be a fantastic regeneration of the riverside and leave a legacy of which we will be proud.”

This was posted in Bdaily's Members' News section by Paul Dobbie .