Up to £60m is set to be invested to develop the old Sainsbury’s site to the North of the town centre to create a retail led project with the potential to create up to 700 jobs.
The development will include 160,000 sq ft of retail space and a multi storey car park with 750 spaces. The site will include the current borough council’s offices with a new civic hub being created with combined offices for the Borough and County Councils, police and NHS. It is hoped the retail space will include a medium sized department store and along with other retailers is expected to increase the level of shoppers coming to Newcastle
Demolition work has started on the site and three prospective development companies have been shortlisted as preferred partners to take the major regeneration project forward.
A final decision on the preferred developer/investor will lead to a deal being signed off by the end of 2014.
This marks an exciting time in the development of Newcastle town centre and is just one of the many reasons why here at Martin & Co we have invested in a new Branch on Merrial Street.