Helping to regenerate an important gateway to Newcastle City Centre.

Taras Properties announced today that they are to bring forward a high-quality office scheme to redevelop the prominent former Bank of England city centre gateway site at the junction of Pilgrim Street and Swan House roundabout.

They will invest in the construction of Bank House, a 14 storey 120,000 sq. ft. Grade A. landmark office building, with complementary ground floor retail uses, which will form the catalyst for the wider East Pilgrim Street Regeneration Area development proposals.

The scheme will also involve public realm improvements incorporating planting, new seating areas and realignment of the junction of Pilgrim Street with the 55 Degrees roundabout.

Taras Properties, which owns the entire site, has worked up the development proposals with Newcastle City Council.

Roger Thornton, Taras Properties said “This is a significant step in the regeneration of an important part of the City Centre. We believe the building makes the statement required for its location as the historic gateway into Newcastle. The Council have been extremely supportive, and we jointly hope this will kick start development on other projects nearby.”

Commercial, Planning and Project Management advice on the scheme is being provided by Avison Young with architectural design by Ryder Architecture. Arup is providing engineering input.

Chris Turnbull, Project Manager comments; “Bowmer + Kirkland has been awarded the contract to build the office block, which is programmed to start on site in mid-October with a scheduled completion in Spring 2023. This exciting proposal to create a new landmark office building on the Bank of England site is another step towards transforming this key area of Newcastle.”

Gordon Hewling, Principal and Managing Director, Avison Young said: “We have been working on site assembly for nearly 20 years, with input from all our specialist disciplines as we have worked with the client to prime the sites for redevelopment. This is the first step to regenerate not only the client’s site, but also this important gateway and route into the heart of the city.”

Alan Johansen, Managing Director of Bowmer + Kirkland’s North East Region, said: “We are delighted to have been awarded this high-profile project and are looking forward to working with all stakeholders involved in the scheme to provide an exemplar office building with unrivalled views.”

Ryder Architecture commented: “This is a key development opportunity for Newcastle and will act as a catalyst for the revival of Pilgrim Street as a vibrant part of the city core with improved access, high quality public realm and civic space befitting a key city centre gateway.”

The site was home to the Bank of England, constructed in the late 1960s, but which lay empty for several years before being demolished in 2012.