Placefirst has acquired a 40-unit residential scheme located in Newcastle’s suburbs from New Tyne West Development Company (NTWDC) for an undisclosed price.
NTWDC, which is a partnership between Newcastle City Council and Keepmoat, has already delivered more than 550 homes as part of a masterplan to eventually create around 1,800 homes in addition to new neighbourhood and medical centres at The Rise, Scotswood, in Newcastle.
The forward-funded deal will see 38 single-family homes and two apartments delivered at The Rise, with completion expected in spring 2025.
David Mawson, CEO of Placefirst, said: “Whether it’s developing schemes from scratch, agreeing forward funding deals, or working in partnership with local housebuilders and local authorities, accelerating the growth of our portfolio is key to meeting our commitment to increasing the number of high-quality rental options for communities in the North East and beyond.
“However, simply building homes with no regard to design or purpose will do little to solve the housing crisis – the country is facing a shortage of housing quality as well as capacity. As we continue to expand our portfolio with this latest deal with Keepmoat and New Tyne West Development Company, and a long-term pipeline of developments, Placefirst is well-positioned to lead the North East’s response to increased housing demand.”
Lee McGray, director at New Tyne West Development Company, added: “We are delighted to be collaborating with Placefirst, to be offering housing solutions which address the demand and need for affordable homes in the locality.
“Partnerships like this, help develop the success of the masterplan at The Rise. Its key objective remains an ongoing commitment to the provision of high-quality housing, within a community where people choose to live and work.”
