Final funding arrives ready for town centre regeneration
Work is ready to start on the multi-million pound regeneration project bringing homes, shops and businesses to Newcastle town centre.
With the final scheduled block of funding in place from Homes England, Newcastle-under-Lyme Borough Council’s once-in-a-generation plan to change the town centre by regenerating the Ryecroft, Astley Place and the Midway can begin.
Project planning with social impact developers Capital&Centric is already far advanced, with planning permission in place, and the arrival of £19 million from Homes England is the final part of the public-private financial package put together by the Council to underpin the work.
Simon Tagg, Leader of Newcastle-under-Lyme Borough Council, said:
These three projects will change the face of Newcastle town centre, and I’m delighted that the final part of our funding has arrived as planned.
There will be hundreds more people living in the heart of the town providing opportunities for new and existing businesses, while the reshaping of York Place and creation of public space there will link the Ryecroft to the High Street and market area.
Add the plans for the McCarthy Stone housing and the music space at the Old Bull’s Head and this is a most exciting time to be in Newcastle.”
John Moffat, Joint Managing Director of Capital&Centric, said:
This is a major statement of intent by Homes England and Newcastle-under-Lyme Borough Council.
It will enable us to deliver the regeneration that Newcastle-under-Lyme deserves. We are breaking new ground by doing something no one else has attempted before: taking a shopping centre and a car park and turning them into new homes.
It’s an exciting moment. This funding will help us unlock the town’s potential and create a buzzing new heart for everyone to enjoy.”
At The Ryecroft, respected developer Capital&Centric will build around 130 apartments in three units, with landscaping, while other parts of the site are earmarked for Aspire Housing, and McCarthy Stone the specialist accommodation providers for over-55s.
Work is already underway at the former York Place site, now renamed Astley Place, where Capital&Centric is retaining the original shopping centre structure and repurposing it into apartments with ground-floor retail and leisure space. This marks a UK first.
That project will create more accommodation and commercial space, while opening the area between Merrial Street and Ironmarket, around the Old Bulls Head pub, where owner Joule’s Brewery plans to create a live music venue.
And at the former Midway car park, Capital&Centric is attracting international attention for its innovative approach. In another UK first, the landmark concrete structure, now known as Karparc, will be transformed into around 110 new apartments with shared facilities including a gym.
The transformation of both the Midway car park and York Place shopping centre into new homes will be the first of its kind in the country.
Stephen Sweeney, Deputy Leader of Newcastle-under-Lyme Borough Council and Cabinet member for Finance, Town Centres and Growth, added:
This council is committed to supporting and improving Newcastle town centre by making it a safe, attractive place to live, work and enjoy day and night.
Working with partners to develop these exciting plans, coordinating the funding streams to make it happen has been a complex process, but we’re delighted that it’s about to bear fruit.”