Newcastle is soon to have its first skyscraper – the iconic Hadrian’s Tower, which will bring world-class, capital quality residences to the city. The building marks a defining moment for Newcastle’s development, just as the erection of Beetham Tower did for Manchester some 12 years ago.
Completed in 2006, at a cost of £150 million, Beetham Tower was a landmark building for Manchester. The tallest building in the UK outside of London and the highest residential building in Europe (at the time), it was seen by many as bringing Manchester into the big league in terms of its global city credentials.
From a property market perspective, Beetham Tower was also big news. Even today, the building’s iconic status means that it commands exceptional prices. Second hand sales there are reaching up to £750 per square foot. By way of comparison, new build units in Manchester are just starting to achieve £500 per square foot, meaning that Beetham Tower is achieving 150% above the best of the rest that Manchester has to offer.
Just as investors saw the potential of Beetham Tower in igniting interest in Manchester, Hadrian’s Tower in Newcastle is causing ripples of excitement within property circles. Showcased by its developers, The High Street Group, in Cannes at the MIPIM property show in March, the building has catapulted Newcastle to the attention of investors from around the globe. It will become Newcastle’s tallest building by a considerable margin, standing 82 metres tall and housing 26 storeys.
The Romans built the first bridge across the River Tyne at Newcastle nearly 2,000 years ago. Now, Hadrian’s Tower continues that spirit of proud ambition, taking the city to the next level just as that very first bridge did.
Expectations are certainly high for Hadrian’s Tower. At present, the priciest new builds can be found in the Gosforth area of the city, where they command up to around £450 per square foot. We anticipate that Hadrian’s Tower will emulate the impact of Beetham Tower in Manchester just over a decade ago, pushing price boundaries in Newcastle closer to £500 per square foot.
Newcastle already has so much to offer in terms of its credentials as a world-class city. The city is awash with culture and history, while its retail, dining and nightlife offering draws in crowds from across the North East and beyond. The skyline is already home to some stunning buildings and Hadrian’s Tower will elevate it to the next level. It’s a really special moment in Newcastle’s evolution.
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