Strawberry Lane, Newcastle
A new mixed use development in the heart of Newcastle’s retail core and transport epicenter, a stone’s throw from the famous St. James’ Park.
- Two residential blocks, circa 315 apartments, pre-sold to an institution
- Includes 180-bed hotel and lease for a Grade A Operator
- Additional provision of 140,000 sq ft of Grade A office space. 40% has been pre-let to one of the North East’s largest law firm
- Purchase price: £10.5 million
- GDV: £148 million
- Targeting profit of £50 million
A prime location for development, Strawberry Place is situated between the city retail core, Newcastle Helix, St. James’ Park, and the termination of St James’ Boulevard. With an elevated position, the site is a prominent part of key viewpoints within the city and surrounding area, particularly St. James’ Park.
Formerly an industrial hub for Newcastle, in recent years the site has predominantly become commercial and retail oriented. and continues to undergo substantial redevelopment, as it transitions into a high density, mixed-use city quarter.
We have exchanged Heads of Terms. This Loan Note is for 12 months and has a fixed return of 15% which will be paid upon completion of the loannote.
This project will be sold to an institutional investor, at which point our Loan Note investors will be repaid.
We will then retain the hotel and office space as a stabilisation, before eventually selling to an institution.