A previously used freight yard will be transformed into a location for 5,000 new residences following governmental support.
The Fourth Quarter site in Newcastle is among four government-held brownfields slated for significant regeneration as part of an initiative aimed at accelerating home construction.
The previously used freight area is the biggest project in the development and covers 100 acres (40.5 hectares) close to the River Tyne.
The North East Mayor, Kim McGuinness, stated that the yard had remained idle for two decades and was considered a “missed chance.”
“This is precisely the type of location where we ought to construct housing developments,” she stated.
Next, we will develop job opportunities by constructing residential areas where families can establish long-term foundations for their futures.
‘Untapped resource’
A
development framework for Fourth Yard
A report published by Newcastle City Council in 2020 indicated that the area encompasses a significant portion of the quayside.
It encompasses Forth Goods Yard, Pottery Lane East, Pottery Lane West, Quayside West, Newcastle Utilita Arena, and Newcastle Heliport.
The properties will be constructed by a new Network Rail subsidiary, according to the government, which claims this could facilitate up to 40,000 additional residences across the UK within the coming ten years.
The Fourth Quarter project will be one of the initial developments, featuring 1,500 residences at Manchester Mayfield and a combined use site with 425 homes in Cambridge.
The HM Treasury announced the creation of a new task force aimed at making additional government-owned land available for housing development.
Chancellor Rachel Reeves stated that government-controlled websites have remained an underutilized asset for far too long.
“Unlike the unsuccessful methods used previously, we are maximizing the utility of public lands to construct the residences required by families and our military personnel. This initiative enhances possibilities for home ownership and generates employment opportunities nationwide,” she stated.
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More on this story
- Government obtains land for ‘new community’
- Funding increase for revamping riverside location
Related internet links
- HM Treasury