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City centre site bought for regeneration scheme
The Journal
|May 02, 2025
A MULTIMILLION-POUND deal has been struck for a prime Newcastle city centre office which is now set to form part of a major £170m regeneration scheme.
Gainford Group - owners of the Vermont Hotel, County Hotel and bars and restaurants including Aveika and Livello - has snapped up New Croft House in Market Street, as part of its plans to regenerate the neglected part of the city.
The firm says the current tenants, the NHS, will remain in the building for the forseeable future, as they mull plans for the property.
It is set to form part of grand plans to create a new gateway into Newcastle, which will take shape around the former Premier Inn hotel.
Gainford Group acquired the old hotel in 2019 for an undisclosed sum after it was marketed with an asking price of at least £3.2m.
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