Newcastle could get £250m complex - commercial mortgages

01 April 2008

A £250 million plan to develop a new commercial, leisure and housing complex in Newcastle could lead to a demand for commercial mortgages, if the development gets the go ahead.

According to the Evening Chronicle, the development of an area around Newcastle''s Central Station - known as the Stephenson Quarter - could generate some 41,000 sq ft of commerical and office space, creating a possible need for commercial mortgages.

Also envisioned in the development are 156 homes, two hotels, exhibition space, retail outlets and parking spaces.

"This is an area which would benefit from regeneration. The plans would bring back into use some old buildings and give them a new lease of life," said councillor Nick Forbes, according to the newspaper.

Last month, Newcastle city council announced that it had agreed the creation of 138 homes in the west end of the city, 30 per cent of which will be affordable housing.