Manchester based developer Panacea Property Development has signed with delivery partners Marcus Worthington Group for its landmark Forth Banks BTR (Build To Rent) scheme in city centre Newcastle-upon-Tyne.
Located close to the city’s Central Station and adjacent to the Stephenson Quarter, the Forth Banks scheme represents the city’s first BTR development built specifically for the single ownership private rental market. The appointed contractor Marcus Worthington Group will start on-site immediately and works will be completed over a 24 month period.
The development comprises 280 one to three-bedroom residential apartments in three blocks between seven and nine storeys tall. The first block of the Forth Banks scheme is expected to be completed in Q2 2018, delivering 111 apartments. The scheme will also be supported by a 3,000 sq ft (279 sq m) retail unit located on the ground floor of block one.
Neil Patten, Managing Director at Panacea Property Development, said:
“The Forth Banks scheme represents a strong commitment from Newcastle City Council to demonstrate support for BTR. We have worked together with the City for over two years to reach this point and we are now delighted to be starting the first true BTR development in the city. We look forward to working with our joint venture partners to transform this previously underutilised brownfield site into a high quality residential scheme that can assist in the regeneration of other areas.”
Zerum acted as planning advisor to Panacea Property Development. Leach Rhodes Walker is the appointed architect for the scheme.