UK property investor and developer, Buccleuch Property has sold a 0.57 acre site, the last remaining plot on the City Road site in Newcastle city centre for £1.7m. The site was sold to JEDS Investments.
Buccleuch purchased the former Tyne Tees TV site in 2007 and over the past ten years has released other plots from the overall 1.7 acre site for development by U Student and The Home Group.
Property developer JEDS Investments has acquired the residual part of the site to transform it into high quality student accommodation in the heart of the city. They have secured full planning consent for the development of a 207-bed student residential scheme and will commence on site later this year.
Sandy Smith, Development Director at Buccleuch Property said, “City Road is a highly attractive site in the centre of Newcastle that has created a variety of opportunities over the past ten years, already including the successful delivery of the 386 bed studio student village and the 30 residential apartments.
“We continue to actively seek new investment and development opportunities of this nature across the UK.”
And Robert Patterson, Head of Agency at Sanderson Weatherall commented, “This development is the last part of the jigsaw for a major redevelopment of the former Tyne Tees TV site. We are delighted to have secured the sale of the site to JEDS Investments and see the continued transformation of the site following on from the previous sales to U Student and Home Group.”
Sanderson Weatherall and Knight Frank acted on behalf of Buccleuch Property,