A North East real estate company that span out of a controversial development company is taking on six of its former parent group’s projects.
Hadrian Real Estate, which was launched as part of Newcastle’s High Street Group but is now under new ownership, will take on the projects that include a major housing development on the edge of Newcastle city centre that will create nearly 200 new homes.
Hadrian Real began as a company called High Street Group plc, before being bought by former High Street Group Residential managing director Gavin Fraser and changing its name last month.
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The new firm is employing a number of former senior and other staff from High Street Group, which has frequently been in the headlines over the last year after one of its subsidiaries was wound up by an investor, its accounts were substantially delayed, and auditors resigned over lack of access to financial information.
It has also faced a string of complaints from small investors.
Hadrian Real Estate has now unveiled its first set of property developments, which have been acquired from High Street Group, including a 195-apartment private rental sector (PRS) scheme at Pottery Lane, close to the Newcastle Arena.
Elsewhere in the North East, it is taking on the 52NCL student accommodation block in Newcastle city centre, a development of 17 homes for rent and sale in Kirkwhelpington, Northumberland, and a 25-home housing scheme in Sadberge, near Darlington.
It has also acquired housing schemes in North Yorkshire and East Dunbartonshire, in Scotland, as part of a strategy to create more than 3,000 new homes in the next five years.
Andrew Marsh, chairman and non-executive director of Hadrian Real Estate, said: “The private rental sector is an important piece of the UK’s housing market and we delighted to secure our first pipeline of developments to enable us to make a positive contribution to the UK’s residential property requirements.
“We are also creating diversity within our portfolio with a pipeline of developments that will feature high quality family houses, which will complement the PRS apartment schemes we have in place and look to expand with new sites in the future.”
The Pottery Bank scheme was one of High Street Group’s main Tyneside sites, following its completion of Hadrian’s Tower, Newcastle’s tallest building.
Last week HSG’s development of the former Brett Oils site, close to the Swing Bridge in Gateshead, was acquired by Edmond de Rothschild Real Estate Investment Management (REIM), while it is also believed its Strawberry Place development close to Newcastle’s St James’ Park has been taken over by lenders.
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