Metnor gets funding green light for Newcastle student accommodation development
A project to transform a former brownfield site in Newcastle upon Tyne into high quality student accommodation is about to begin its second phase after Metnor Group received the go ahead for a multi-million pound funding package.
The former brownfield site adjacent to Portland Road, Shieldfield, is being transformed into quality student apartments and retail units using a predominantly local workforce.
Metnor Group’s building division, Metnor Construction, completed the first phase with a 274-bedroom luxury student accommodation building and two retail units last August. Known as Turner Court, the development was fully let to students from both of the city’s Universities, as well as students studying at Newcastle College, within days of opening. Tesco and Subway occupy the two retail units on the ground floor.
Now phase two is about to begin, which will see a further 338-bedroom accommodation building developed, along with 4,500 square foot of retail/commercial space. The building is expected to open in time to accept students for the 2015/16 academic year and will be managed and operated by specialist student operator South Street Asset Management under their DIGS brand.
Keith Atkinson, chief executive of the Metnor Group, says: “Regeneration of this area of the city has always been one of our key aims when developing Portland Green Student Village. From the outset we have engaged local subcontractors to work on this project and we estimate that we have provided work for more than 150 operatives so far, through a difficult period for the North East economy – this is a strategy we aim to continue with phase two.”
Bank Leumi (UK) will fund the development.
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