Go-ahead for £85m spend on huge town centre makeover

SPENDING £85 million on three major projects to transform a town centre has been approved.

- Phil Corrigan [e-mail]

Newcastle borough councillors voted unanimously in favour of spending the cash on the Astley Place, Midway and Ryecroft schemes.

Conservative council leaders hailed the residential-focused projects as helping to create a 'vibrant and thriving' town centre.

But Labour opposition councillors, while supporting the expenditure, urged caution due to the current economic uncertainty and the amount of money involved.

The schemes will deliver about 300 flats and amenities and 11,000 square feet of commercial space at Astley Place, which could also include a new music venue.

Leaders plan to fund construction through short-term borrowing, over two or three years. This money, plus interest, will be recouped by selling the sites to developer Capital&Centric, once completed. The council also hopes to secure grants from Homes England.