Newcastle’s tallest building Hadrian’s Tower has been put up for sale with an asking price of £14.6m. In an advert for the building on Rutherford Street have revealed that more than a third of the flats remain unsold.
The 26-storey residential tower was the flagship scheme created to dominate the city skyline by Olympius Developments – a subsidiary of collapsed developer High Street Group – and it was finally completed in 2020. The firm used Gateshead contractor Tolent to build the imposing structure. But both Tolent and High Street Group have collapsed, with the latter set to be liquidated after administrators announced they could not recoup any of the debts for creditors.
The £14.6m price tag is a marked drop on the £40m development cost which was publicised when the project first got under way in 2018. Now London-based property firm Allsop LLP has launched Hadrian’s Tower to market – by order of the administrators – with a £14.
6m price tag, highlighting it as “a landmark building in the city centre comprising 57 unsold luxury apartments, with 102 sold on long leasehold interests, and top floor commercial space”. The building comprises 159 flats, with 57 remaining unsold. Marketing materials highlighting how the investment opportunity includes ground rents bringing in more than £41,000 and lease agreements on the unsold flats bringing in more than £1m a year.
The deal includes the top floor restaurant and bar, currently let to 3Sixty bar, producing �.