Newcastle Stephenson Quarter development to go ahead

CGI image of development The new development will cover a 10-acre site in the centre of Newcastle

Related Stories

Plans to develop a central area of Newcastle will finally go ahead after banks approved funding.

The Stephenson Quarter scheme is expected to create 2,200 jobs, including about 325 in construction.

The 10-acre site behind the Central Station will feature apartments, businesses and an art gallery.

Developer Silverlink gained planning permission in 2008, but work was delayed due to difficulty in securing funding following the financial crisis.

Newcastle City Council bought the land for £10m, allowing Silverlink to buy sections back as and when it was ready to build, giving it more cash to finance the scheme.

The company has now agreed a funding deal with Aviva and Royal Bank of Scotland so that work can begin immediately.

The four-star Crowne Plaza hotel and 35,000 sq ft of offices will be built during the first phase of construction, which will last two years and create nearly 500 permanent jobs.

The rest of the work is expected to be completed in the following four years up to 2019.

The development will restore some significant heritage buildings, including the offices at 20 South Street, where Robert Stephenson's engineering works produced locomotives for the first railways in the 1820s.

Council leader Nick Forbes said the project would "unlock development and help create much needed jobs and growth."

More on This Story

Related Stories

BBC Tyne & Wear

Weather

Newcastle upon Tyne

Min. Night 13 °C

Features

  • A painting of the White House on fire by Tom FreemanFinders keepers

    The odd objects looted by the British from Washington in 1814


  • Chris and Regina Catrambone with their daughter Maria LuisaSOS

    The millionaires who rescue people at sea


  • Plane7 days quiz

    What unusual offence got a Frenchman thrown off a plane?


  • Children testing a bridge at a model-making summer school in Crawley, West SussexSeeding science Watch

    The retired professor who turned village children into engineers


  • Krouwa Erick, the doctor in Sipilou town at the border of Ivory Coast and Guinea - 27 August 2014Bad trip

    The Ebola journey no-one in Ivory Coast wants to take


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.