Manchester-based build-to-rent developer Beech Holdings is planning its first scheme in Newcastle.
Beech has acquired the 1970s office Cale Cross House next to Tyne Bridge for £5.35m. It aims to invest a further £18m to develop a 250-flat rental scheme.
It will be converted using permitted development rights. Beech has also submitted an application to remove the combustible cladding from the facade.
The homes will comprise a mix of studios and one-bedroom flats, alongside a gym, coffee lounge, co-working space and private dining facilities.
Construction is expected to start next month, with completion by September 2022.
Stephen Beech, founder and chief executive at Beech Holdings, said: “This area of Newcastle city centre has been somewhat overlooked in recent years, but this is where we excel, transforming unloved properties into modern, beautiful homes for residents.”
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