City Lofts has made its debut in Newcastle-upon-Tyne with the acquisition of a prime waterfront site on St Anne’s Quayside from Crosby Homes for well over £5m.
The upmarket house builder plans to develop some of the most expensive apartments the city has ever seen on the cleared site, which originally had planning consent for office use. Around 122 luxury flats will be built alongside 929 sq m (10,000 sq ft) of A3 space. Prices for the residential space will be around (£225 per sq ft) £2,422 sq m.
Up until now, Newcastle has suffered from a limited supply of residential stock.
Julian D’Arcy, head of northern residential development at Knight Frank, which advised Crosby, said: “This is going to shake up local developers because of City Lofts’ product. It’s going for the top end of the market with Conran doing the interior design. Up until now Wimpey and Miller have done most of the schemes here – but this scheme will be significantly way out in front of anything they’ve done.”
EGi News 21/03/01
