Capital&Centric is seeking to enlist a contractor to deliver a trio of mixed-use regeneration projects in Newcastle-under-Lyme, after securing final development approvals from the local council.
The developer was appointed by Newcastle-under-Lyme Borough Council in 2023 to bring forward designs for the redevelopment of Astley Place, Midway Car Park and the Ryecroft site.
The council approved a total construction budget of £90.2m at a full council meeting on 16 April.
Planning applications for the three sites have been submitted and are due to be determined at a special committee meeting this month.
Subject to approval, Capital&Centric will appoint a contractor to carry out the main construction works under a Development Services Agreement. The appointment will be made via the Pagabo Development Management Framework.
At Astley Place, formerly the York Place shopping centre, the 22-month scheme includes 42 flats, 1,036 square metres of commercial space, a resident lounge and a live music venue. The project is valued at £18.2m.
The Midway Car Park site will be re-engineered to deliver 111 flats and over 418 square metres of shared amenities including a gym and private dining space. The £37.5m scheme is scheduled for a 26-month build programme.
The £34.4m Ryecroft scheme (pictured) will provide 132 apartments and access to shared facilities located at the Midway development. Fifteen houses and 28 flats will also be built for Aspire Housing under a separate agreement, with Aspire appointing Capital&Centric directly for delivery.
Each of the sites has been partially demolished, with existing concrete frames retained and integrated into the final designs. The works form part of the town centre’s regeneration strategy, backed by the Future High Street and Town Deal funds.
Capital&Centric will forward fund the construction phase with borrowing underwritten by the council, and will purchase each completed scheme at cost or market value, whichever is higher. The council is in discussions with Homes England over a viability grant and will act as accountable body if the funding is approved.
Source: Newcastle-under-Lyme Borough Council