£200m Newcastle redevelopment will bring 2,200 jobs

A flagship £200m city centre development will bring 2,200 jobs into Newcastle after the project secured the green light to go ahead.

Newcastle City Council has won permission to start work on the project to regenerate the Stephenson Quarter around Central Station in the centre of the city.

Lawyers from across the firm’s real estate, construction, banking and tax teams provided expert advice to the Council to secure a green light for the project which stalled last year.

With backing from the Council and the North East Local Enterprise Partnership, developer Silverlink has agreed funding deals with Aviva and Royal Bank of Scotland to accelerate the development of the area with contractor, Miller Construction.

The ten-acre site next to Central Station will include a Crowne Plaza251-bed four-star hotel, residential apartments, commercial offices, cultural and public space and restaurant facilities.

WIan Ward, lead adviser and real estate partner at Bond Dickinson, said: “We are delighted to have been involved in bringing this project to a successful conclusion, working in partnership with Newcastle City Council.

“In a continuing difficult market it is a sign of real confidence in our regional economy and it’s great to have some positive news against a backdrop of doom and gloom about the state of the UK, European and world economies.”

The development of the Stephenson Quarter is said to form part of the Council’s wider ambition to transform the adjoining Central Station into a 21st century international transport hub, with renovation already underway at the station.

Head of Property and Asset Management, Mark Lloyd, said: “This project demonstrates the pivotal role the council plays, in a very difficult market, creating the right conditions for business growth by helping to bring private sector partners together to deliver the infrastructure and investment to get the economy moving.

“Bond Dickinson, as one of our legal framework partners, supported the City’s property and legal teams in very important specialist areas of work and helped to bring this innovative and ground breaking project to life.”