LAMBERT Smith Hampton (LSH), has completed the sale of part of a major brownfield site in Gateshead on behalf of BRB (Residuary) Ltd.
The former Central Gateshead Freight Depot, on Park Road, which totals 22- acres, has been derelict for over 20 years and lay in multiple ownership.
LSH’s Newcastle office secured the sale of the 7.4-acre site, in what is believed to be one of the largest residential land transactions in the area so far this year, to Gateshead Metropolitan Borough Council, which is working in partnership with the Homes and Communities Agency (HCA) and Bridging Newcastle- Gateshead (BNG) to deliver sites for its planned Joint Venture Vehicle (JVV).
The JVV will help to transform the housing market across Gateshead with the development of 19 sites and around 2,500 new homes. It will help to deliver BNG's housing market renewal objectives by tackling the problems caused by low demand and abandoned housing and the effect this has on the community.
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