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Buccleuch Property Sell Last Newcastle Plot

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Property investor and developer Buccleuch Property has sold the final plot from its old Tyne Tees site in Newcastle.

The site was snapped up by JEDS Investments for £1.7m, who plan to develop the 0.57 acre plot into student accommodation.

Buccleuch bought the former Tyne Tees TV site in 2007 and over the past decade have released other plots from the total 1.7 acre site for development by U Student and Home Group.

The final part of the site will be transformed by JEDS Investments into student housing and already has planning consent for a 207-bed development.

Work on the site is due to begin later this year.

Commenting on the sale, Sandy Smith, development director at Buccleuch Property, said: "City Road is a highly attractive site in the centre of Newcastle that has created a variety of opportunities over the past 10 years, already including the successful delivery of the 386-bed student village and 30 residential apartments.

"We continue to actively seek new investment and development opportunities of this nature across the UK."