Riverside housing scheme begins with demolition of Gateshead oil depot

High Street Group is creating more than 250 riverside apartments on the former Brett Oils site

Work on a luxury housing scheme on the Tyne riverside has begun with the demolition of a former oil depot.

The High Street Group - which is building Hadrian's Tower in Newcastle - has begun the work at the former Brett Oils site close to the Swing Bridge, which it plans to turn into two blocks of one- and two-bedroom flats.

Work on the 1.5-acre site is expected to take two years, and will create 269 flats, as well as office and retail space, cafés, restaurants and parking.

Rooftop terraces offering stunning views across the Tyne and its landmark bridges are also being created.

Gary Forrest, chairman of The High Street Group, said: “Brett Wharf will create a new community on the banks of the River Tyne for professionals and meet the growing demand for high-quality, future-proofed homes close to the centre of both Gateshead and Newcastle.

"Mixed use developments like Brett Wharf provide a real opportunity to create vibrant destinations that offers world-class apartments, workspaces and hospitality venues for both residents and the local community to enjoy, adding economic and social value to the area.”

The Gateshead scheme is the latest in a portfolio of projects being delivered on Tyneside by The High Street Group, including Newcastle’s tallest building, Hadrian’s Tower.

The group last month also took full control of the £120m plans to transform land around St James’ Park, becoming sole developer working on the regeneration of Strawberry Place featuring new apartment blocks, offices, a sports bar and a hotel.

It has now been announced that Reditum Capital, a provider of finance for real estate developers and investors, has arranged a £10m bridging facility with The High Street Group for the development.

Mark Stephen, founder and managing director of Reditum Capital, said: “The deal represents positive news for a credit market temporarily set back by Covid-19 uncertainty.

“We are one of the few financiers still well-capitalised and prepared to provide short-term financing for high-quality developments. The land at Strawberry Place holds great promise for future investment as the most prominent undeveloped parcel of land in the stadium district.”