Manchester based developer Panacea Property Development has announced that planning consent has been granted for its landmark Forth Banks BTR (Build To Rent) scheme in city centre Newcastle-upon-Tyne.
The development, comprising 280 residential apartments in three blocks, is located close to the city’s Central Station and adjacent to the Stephenson Quarter. The project represents the city’s
first BTR development built specifically for the private rental market. The three apartment blocks will contain a mix of one, two and three bedroom apartments with 111 apartments in block one, 114 apartments in block two and 55 apartments in block three. 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.
The Forth Banks scheme is expected to start on site in the first quarter of 2016 on a currently underutilised brownfield site with a modern, high quality residential scheme that will create a
highly sustainable location that is close to both Newcastle city centre and a wide range of services and amenities.
Speaking about the wide range of benefits that this first BTR scheme in Newcastle will provide to the area Neil Patten from Panacea Property Development said: “The Forth Banks scheme is a marker for Newcastle City Council to demonstrate support for BTR. The scheme will not only provide the catalyst for further private investment into the city but will also improve the existing range of accommodation that is available to young professionals and graduates, attracting in the region of 512 residents into the city centre generating additional economic benefits.”
Zerum acted as planning advisor to Panacea Property Development. Leach Rhodes Walker is the architect for the scheme.