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the north east |


HADRIAN’S TOWER DEVELOPER HAS £600M PRS PLANS S


ince unveiling plans to build Newcastle’s tallest building, the development group behind the ambitious private rented sector (PRS) venture has lined up a string of similar projects across the UK. As site preparations, to allow the start of construction on the 82 metre Hadrian’s Tower approach completion, The High Street Group of Companies now has almost 1,500 apartments either under construction or with planning consent.


With its


headquarters in Newcastle, the group -


Gary Forrest


established by Chairman, Gary Forrest, in 2006 - has grown to become a leading


financial and property business, employing over 100 people in activities including large scale development and construction, hospitality and leisure.


So it is fitting that the £46 million flagship Hadrian’s Tower, just off the St. James’ Boulevard gateway to the city, will be one of its first PRS projects to complete. It will provide 162 apartments over 27 floors and there are plans to create a ‘Sky Lounge’ to allow regular public viewings across the city’s heritage sites and – on clear days – as far as the coast. Says Gary Forrest: “Already almost 17% of the population is renting privately and this figure is expected to grow significantly. This style of living is becoming the choice of young professionals.


“In response, we are creating high quality living spaces in town and city


Hadrian’s Tower superimposed on the Newcastle skyline


centres, future proofed through the use of the latest smart technologies. There are communal relaxation facilities, where people can meet, form friendships and build new communities. “Our developments offer extremely attractive investment opportunities for institutional and individual investors who can enjoy yields and capital growth in excess of seven per cent per annum. These are non-volatile, high quality assets offering attractive, long term returns, which we can maximise for our partners. And we anticipate increasing our investment levels by around £200 million per year for several years to come.”


These principles apply across all the


group’s PRS projects, which include a second development under construction in Milton Keynes. Here a £30 million investment is creating a seven storey facility containing 139 apartments. Grainger plc, the UK’s largest listed residential landlord has unconditionally agreed to forward fund and acquire this development.


There are also two exciting initiatives in Birmingham - a £50 million, eight storey, 220 apartment complex in the Digbeth area of the city and in conjunction with Taylor Grange Developments, a £120 million venture to create around 500 one, two and three bedroomed apartments close to The Mailbox retail complex and the planned HS2 rail link.


Other schemes announced include Middlewood Plaza, a £26 million, nine storey, 127 apartment development in Salford; Cheshire Junction, a £56 million, eight storey, 362 unit project – including town houses as well as apartments in - Warrington and Talbot Road, a £28 million, ten storey 154 apartment initiative in Trafford, Manchester.


Altogether these schemes comprise a £356 million GDV investment. And a further three prospects, all being seriously considered, would bring The High Street Group’s investment in PRS to more than £600 million – creating almost 3,000 apartments.


How the apartments will look when completed. COMMERCIAL PROPERTY MONTHLY 2018


For more information visit www.thehighstreetgroup.com


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