Tyneside completes the sale of Picton Manor for St. James’ Central 4&5 Limited
The team at Tyneside Group Ltd are making plans to replicate our high-end approach to prroperty development and management, having seen it reap rewards over the past twelve months.
Our ambitious 2019 plans follow the successful completion and sale of three blocks of residential flats in Newcastle – 1, 2 and 3 St James’ Terrace, alongside 17 St James’ Street for £2.05m, 5-8 St James’ Street for £3.8m and, most recently, Picton Manor for £5.11m. All three developments proved successful as residential investments, as evidenced by exceptional rental popularity.
This trio of success was underpinned by the company achieving second place in the Ward Hadaway Fastest Growing Small Business awards 2018, and fourth in the overall Fastest 50 2018 list.
The sale of Picton Manor, located on Ellison Place in Newcastle, comprises of 11 residential flats and three office spaces, including Tyneside Group’s own headquarters. The sale completed on 21 December 2018, after a substantial 15-month redevelopment, commencing when planning was received in June 2016 and completed with first occupation of the properties in September 2017.
The redevelopment included a large 5-storey extension and extensive structural work, in order to transform the site from its previous commercial use, as office space for Northumbria University.
The development of Picton Manor has proved popular with investors and tenants alike, and this is very much reflected in the sale price and occupancy levels. The whole team are very proud of the work we completed, taking an aging and worn building and regenerating it to produce an eye-catching, modern property.
Newcastle is a city with a wonderfully diverse architectural history, and we feel particularly proud when we pass one of our finished developments, knowing that we have contributed to the enhancement and restoration of a building that has been part of the cityscape for generations.
We believe a driving factor behind the success has been the design and layout of the flats, creating a spacious environment with a homely yet luxurious feel, providing something far beyond what you would find in many of the city’s new build blocks. It also means that the flats are not restricted to students and can instead accommodate all types of residential tenants, resulting in the scheme being particularly attractive as a low-risk investment option.
Tyneside Group utilised the services of local architect MawsonKerr Limited on the project. Director Will Mawson agrees on the appeal of the living space, commenting: “From the outset the brief was to create a contemporary residential experience of self-contained apartments, instead of the more traditional student builds, which tend to focus on smaller rooms and larger communal areas.
“The central location, directly across from the main Northumbria University Campus, means that the development works for both students wanting a premium living experience and young professionals looking for a stylish city base.”
Many local businesses and tradespeople were involved in the development of Picton Manor. In addition to MawsonKerr, structural and civil engineering group James Christopher Consulting, Quantity Surveyors Thornton Firkin and investment agent Johnson Tucker, all played pivotal roles. On site, the particularly challenging location of the property also required extensive Health and Safety consultation and advice from The Way Forward North East Limited.
Managing Director for The Way Forward, Dave Clough, said: “The location of the site, being close to one of the city’s busiest roads, attached to a listed church and directly opposite the university campus, with masses of day to day foot traffic, was certainly a challenge! We worked closely with the team at Tyneside Group to ensure all health and safety challenges were factored in as work progressed.”