Manchester-based developer Panacea Property Development has won planning for its Forth Banks private rented sector scheme in Newcastle-upon-Tyne city centre.
The 280-home scheme is the city’s first PRS development built specifically for the private rental market.
Panacea managing director Neil Patten said: “The Forth Banks scheme is a marker for Newcastle city council to demonstrate support for PRS.
“The scheme will not only provide the catalyst for further private investment into the city, but will also improve the existing range of accommodation available to young professionals and graduates, attracting in the region of 512 residents into the city centre generating additional economic benefits.”
Construction is due to start in the first quarter of 2016.
Zerum advised Panacea. Leach Rhodes Walker is architect for the scheme.
