Barratt, Keepmoat and Yuill Homes today signed a joint venture partnership with Newcastle city council for a £265m regeneration of the city’s west end.
Over the next 15 years the BKY consortium will invest £265m to build new homes, commercial facilities and parks in the Scotswood area of Newcastle-upon-Tyne.
In March 2010, strategic partners, the Homes and Communities Agency and Bridging NewcastleGateshead announced a £19m funding package to prepare the ground for the redevelopment. This work began in April and is expected to take 18 months.
The first phase of new housing construction will commence toward the end of 2011.
Keepmoat chairman Eugene Jaruga said: “This is a major step towards the creation and regeneration of a key Newcastle neighbourhood. It also demonstrates the strength, commitment and enthusiasm of this partnership to deliver this project.
“We are very much looking forward to forging strong relationships with all the stakeholders, particularly the local community. We are confident that, by working together, we can bring positive and lasting change to the west end of Newcastle.”
Pinsent Masons advised Newcastle council.
nick.whitten@estatesgazette.com
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