A Newcastle property developer has opened a new Quayside base to bolster its regional presence ahead of breaking ground on a £13m waterfront housing scheme.
Launched in 2017, Stripe Property Group specialises in housebuilding with a focus on residential and student accommodation across the North East, having more recently expanded down to the Midlands.
The company, headed by Newcastle-born managing director James Forrester, is developing the multimillion-pound Quayside West Studios scheme on Skinnerburn Road.
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A main contractor is expected to be appointed within the next 12 weeks to the scheme, which will serve up 118 luxury studio and one-bedroom apartments once completed. And as part of its commitment to the regeneration of the area, Stripe Property Group has acquired and opened a new office adjacent to the site on Forth Banks.
Mr Forrester, said the opening represents a stake in the ground for the firm, which has created eight jobs so far with more to follow. He said Stripe Property Group is keen to expand its operations in Newcastle, seeing the area as one to watch in coming years.
Quayside West Studios forms part of landmark city regeneration project Quayside West, a £250m scheme which is aiming to create a new gateway into the city, through the transforming of 15-acres of former industrial land.
The area next to the Utilita Arena already has plans approved to build 1,100 new homes. Likened to an ‘Ouseburn of the West’, the project will eventually feature a number of housing blocks up to 12-storeys tall, a 135-bed hotel, and shops.
The major new estate will be built on the site of the derelict Elswick leadworks and is seen as critical to the long-term ambitions of regenerating the entire Forth Yards area to the west of the city centre.
Mr Forrester said: “While we’ve always played a prominent role in the North East new-build sector, we’re extremely proud and excited to further this influence by opening our new site within the heart of what’s arguably the most exciting regeneration project in the city’s history.
“Newcastle is undergoing a great deal of positive change at present and the Quayside West redevelopment is probably the most significant sign of where the city is heading. Part of this masterplan is attracting young people to come and live, work and study within the city, while also bringing a boost to the local economy and providing further employment opportunities.”
Jen Hartley, director of Invest Newcastle, part of NewcastleGateshead Initiative, said: “Newcastle city region is renowned for its iconic waterfront, and our quayside is planned to receive an excess of £750m investment across the north and south banks of the river, accelerating growth of the economy and underlining huge transformation and regeneration of the city. This is an extremely exciting time for Newcastle and the regeneration of the Quayside and West Studios development, led by Stripe Property Group, is no exception, playing their part in this transformation”
Stephen Patterson, chief executive of NE1 Ltd, said: “Exciting times lie ahead for Newcastle’s Quayside and Stripe Property Group’s redevelopment of the Skinnerburn Road site will make a valuable contribution to the further development of this historic area of the city. The new Quayside West development illustrates the investor confidence in Newcastle and reflects wider investment in the area, with over £850m earmarked for investment in the Quayside over the next five to 10 years.
“It’s fantastic to see the transformation of this vacant brownfield site. The new development and their occupants will add to the vibrancy of the area. We look forward to seeing the development take shape.”
