The company, High Street Residential, have submitted a planning application for a luxury residential development on the Gateshead side of the River Tyne in Newcastle, transforming Brett Wharf and the former site of Brett Oils Depot.
High Street Residential, who are responsible for the erection of Hadrian’s Tower (the tallest tower in Newcastle), have laid plans for a development which will contain 264 one to three-bedroomed apartments, duplexes, and penthouses in addition various commercial and retail facilities.
The Chairman of the High Street Group of Companies, of which High Street Residential is part, Garry Forrest stated: “Developments like Brett Wharf are helping to tackle the demand for housing for young professionals working in the city.
“The average age of a first time home buyer in the UK is over 30 and people are increasingly choosing to rent. Already 19% of people do so and that figure is expected to rise rapidly over the next 20 to 30 years.
“We aim to meet this demand, by delivering high quality living spaces in town and city centres, with communal relaxation and leisure facilities where people can meet, form friendships and build new communities.”
In regard to Hadrian’s Tower, measuring at 27-storeys and 83m tall, construction has commenced with three quarters of the 161 apartments having already been sold.
Meanwhile, High Street Residential has also purchased another Tyneside plot, earmarked for the construction of another Privately Rented Sector (PRS) scheme, in the form of the Pottery Lane plot, making it the third development in the area by High Street Residential.
High Street Residential is also constructing eight other PRS developments in locations such as Birmingham, Manchester, Milton Keynes, Salford, and Warrington, constructing a total of more than 3,000 apartments with a value of more than £1Bn.
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