Experience Newcastle

Investment and diversification

Investment and diversification

Future High Streets Fund

In December 2020 MHCLG (as was) confirmed that Newcastle had been successful in its bid to secure a FHSF Grant of £11m to redevelop The Ryecroft site, which included the demolition of the former civic centre, the provision of a new multi-storey car park and development plots for residential and commercial use, and potentially a new mid-range hotel.

The grant also included an award for the purchase and demolition of the underused York Place shopping centre. Redevelopment will see shop and office developments, coupled with public open space to link the Ryecroft development with the town centre.

The lower end of High Street will also benefit from the FHSF grant: once the new multi-storey car park on the Ryecroft is open the existing Midway car park will be demolished to provide a development site for residential units. In addition to this there is a public realm element to the strategy with investment in the market and public spaces.

These works will be complete by 2024.

Newcastle Town Deal

In late 2021, MHCLG (as was) confirmed that the Newcastle Town Deal had been approved and that £23.6m would be granted for:

  • investment in Knutton and Chesterton in line with the developed master plan for the area
  • the development of enterprise units on the former Zanzibar site in association with Aspire and its new residential development
  • investment in walking and cycle networks
  • investment into the creation of a new 'digital society' in association with Keele University
  • the development of a new centre for performing arts focusing on circus skills and training
  • investment in electric vehicle (EV) charging points
  • investment in mega-fast internet infrastructure to drive new business development in the town

UK Shared Prosperity Fund

In 2022, DLHUC awarded £4.8m to us through the Shared Prosperity Fund to fund investment in an overarching objective for building pride in place and increasing life chances through three investment priorities:

  • community and place - interventions include improvements to high street infrastructure, green spaces, energy efficiency and getting about
  • supporting local business - interventions include support for the visitor economy, enhancing digital skills in the market place and supporting innovation and research and development
  • people and skills - interventions include skills and training aimed at reducing worklessness and improving digital skills in the population

Borough Growth Fund

This was established in 2020 for the purpose of enabling investment in corporate priorities. The fund is used to invest in initiatives that are forecast to generate on-going revenue savings through reducing the costs of service delivery or through the generation of additional income.

Current initiatives include the One Council programme, the Sustainable Environment strategy and Economic Sustainability initiatives to get people back into the town centre.