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OnTheMarket > 14 days

Residential development for sale

Heber Street PRS, Newcastle
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Residential development
247 bedroom
0 bathroom

Key features

  • Consent for 169 unit Build to Rent Scheme
  • Prime Rental Location
  • Located by Newcastle Helix
  • Close Proximity to Retail Core & Transport
  • Situated by St James Park, Home of Newcastle United FC
  • Scheme Encompasses Large Amenity Spaces
  • Reconfiguration to PBSA Possible (STPP)
  • Site Purchase or Forward Fund Considered

Property description

Walton Robinson have been exclusively appointed to secure a purchaser for this prime development site within Newcastles most active development location.

Detailed consent for a 169 unit Build to Rent scheme
Newcastles Prime Rental location, alongside buildings commanding the Citys highest rents
Located by Newcastle Helix, with in excess of 400,000 sqft of Grade A Office Space and World Class Research Facilities
Close proximity to the citys Prime Retail Core; leading Office Space; major Transport Hubs and Newcastle Uniteds home at St James Park
Newcastle regularly features as the top city in the UK for rental growth
The scheme encompasses large concierge and amenity areas, including external ground floor space and options for roof terraces
Flexible design allows for re-configuration to prime Student Accommodation (subject to planning)
Opportunity to purchase the Site, or Forward Fund development

Opportunity - Walton Robinson have been exclusively appointed to secure a purchaser for this prime development site within Newcastles most active development location.

Detailed consent for a 169 unit Build to Rent scheme

Newcastles Prime Rental location, alongside buildings commanding the Citys highest rents

Located by Newcastle Helix, with in excess of 400,000 sqft of Grade A Office Space and World Class Research Facilities

Close proximity to the citys Prime Retail Core; leading Office Space; major Transport Hubs and Newcastle Uniteds home at St James Park

Newcastle regularly features as the top city in the UK for rental growth

The scheme encompasses large concierge and amenity areas, including external ground floor space and options for roof terraces

Flexible design allows for re-configuration to prime Student Accommodation (subject to planning)

Opportunity to purchase the Site, or Forward Fund development

Location - Newcastle upon Tyne is the vibrant commercial capital of North East England. The city is a thriving hub of business and culture, with world renowned research centres and supportive business communities. This is all underpinned by an envied mix of culture, sport, retail, night-life and food and drink options. Newcastle is home to many national and international employers with additional companies opening new offices within the citys accelerated development zones, such as Newcastle Helix, the Stephenson Quarter, and East Pilgrim Street. Major employers are based throughout the city centre and workers can easily walk into the heart of the shopping district for food and drink, leisure, retail and transport links.

Newcastle is situated on the national rail networks East Coast mainline, with direct connections to London (2hr 50 mins) and Edinburgh (1hr 30 mins). Destinations further afield can be reached via Newcastle International Airport, which is within 8 miles of the city and can be accessed by road or the region wide Metro system.

Situation - The site is nestled amongst prime student accommodation at The View and Wellington Street Plaza, and adjacent to the Sandman Signature hotel. The site is ultimately bordered by St James Boulevard, Wellington Street and Gallowgate. Rental demand in the area is fuelled by the presence of Newcastle Universitys Business School, as well as prime office space across St James Boulevard at City Gate (let to EY, UNW and Grainger PLC), as well as at Wellbar Central on Gallowgate (home to Sky, Irwin Mitchel and Capital, Heart and Smooth radio among others). Further office development is underway on Strawberry Place, where a 70,000 sqft HQ is being built for Home Group. Retail and Leisure within Eldon Square is within a short walk, as are those found on Grainger Street, Grey Street and Northumberland Street. The site offers immediate access to major road links, and Metro system at St James station.

Newcastle Helix - Located across Wellington Street from the site is the 24 acre mixed development of Newcastle Helix. Created via the partnership between the City Council, Newcastle University and Legal & General, the Helix has seen rapid development in recent years and now boasts world class facilities across the board, and incorporates the following buildings:

The Catalyst: Home to National Innovation Centre for Ageing (NICA) and for Data (NICD).

The Core: 29,000sqft of office and event space.

The Biosphere: 90,000sqft of high-quality laboratory space, with links to the University, NHS, and life sciences.

The Lumen: 106,000sqft of Grade A Office Space.

The Spark: 110,000sqft of Grade A Office Space.

The Urban Sciences Building: 134,000sqft of World Leading teaching and research in Computing, Data and Energy.

The University also has facilities on site at The Frederick Douglass Centre and The Key.

Newcastle Market - Newcastle has repeatedly been reported as the leading city in the UK for rental growth in the Private Rented Sector, with annual growth figures up to July 2021 reaching 6.4%, well ahead of the UK average growth of 5.0% (discounting London)*.

A long period without significant development, has seen Newcastle struggle with supply to offer to the Private Rented Sector. The recent purchase of The Forge, the Citys first Build to Rent scheme, by Grainger Plc has helped highlight attractiveness of the asset class within the constrained local market.

With the development of more and more world leading facilities in Newcastle, and firms choosing to set up a base in the North- East, there are an increasing number reasons for talented graduates to remain in the City after University. And with more and more people committing to long-term rental as a convenient way to live, demand for quality rental accommodation in central areas is expected to continue to increase.

*Source: ( ... ) Rental Market Report Q2 2021

The Build To Rent Sector - The Build to Rent sector has emerged in the UK over the last 10 years and has been fuelled largely by Government support for regulation within the Private Rented Sector, and investors appreciation of the long term predicable income that it provides. Despite the global pandemic, investment in Build to Rent hit £3.5bn last year. There is currently approximately 100,000 units the UK either completed or under development, and a further 50,000 with detailed planning consent.

The model provides tenants with secure long term rental stability, and flexibility, along with purpose-built facilities that are managed by professional property teams, rather than private landlords. Despite the obvious draw to the schemes, they only account for between 2-3% of the Private Rented Sector in the UK, demonstrating its huge potential for growth.

Purpose Build Student Accommodation - An Alternati - The site at Heber Street is situated between the Citys leading Student Rental buildings, with The View and Wellington Street Plaza commanding up to £216 per week on a 49 week contract. The envelope and floor-plate of the consented scheme can be easily re-configured to provide approximately 387 student beds, in a mix of Studios, Twin-Studios and Clusters.

Newcastle is firmly established as one of the leading UK cities when it comes to overall student experience, making the City the obvious choice for many domestic and international students. With over 52,000 students, there is still a requirement within the prime central areas for additional bed spaces.

Tenure - Freehold

Energy Performance Certificates - To be made available when produced.

Vat - It is understood VAT is chargeable on the purchase subject to confirmation.

Planning - Full planning details and supporting documents are available on request, or via the public access Planning Portal.

Site Access - Access to the site is available. Contact Walton Robinson for more information.

Proposal - Offers are invited for the purchase of the site with the benefit of planning permission for the 169 unit Build to Rent Scheme, or for the Forward Funding of the development.

Consideration will also be given to proposals for alternative use of the site (STP)

Property information from this agent

    We specialise in residential lettings for students, professionals and families in and around the Newcastle area, and those wanting to invest, buy, sell or develop property anywhere in the North East. Our decades of experience in the property market, and in-depth local and regional knowledge of Newcastle and the North East, help our dedicated team of property experts assess your property requirements and select the right properties to suit you from our extensive portfolio based in and around Newcastle. Our proactive marketing approach includes regular email updates to our database of prospective buyers, and extensive advertising in the local media. Our website attracts thousands of potential buyers every day, and we appear on all the major property listings websites. And our stylish, centrally-located office in the heart of Newcastle city centre attracts a lot of passing trade.

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