Australian investment firm buys city landmark

> Hadrian's Tower in Newcastle City Centre

- GRAEME WHITFIELD AND COREENA FORD Business writers

NEWCASTLE'S tallest building, Hadrian’s Tower, has been sold in a multimillion-pound deal.

Australian investment company L1 Capital bought the building, which had been put up for sale last year with a £14.6m price tag.

The 27-storey residential tower opened in 2020 and contains 159 flats, 57 of which were still unsold when the property went on the market last year. It had been developed by High Street Group, which went into administration in 2022 with debts of more than £200m.

Before its demise High Street Group had been one of the North East's most prominent developers, leading plans to develop a site near St James’ Park that now houses the Stack site, as well as a proposed housing development on the former Brett Oils site on the banks of the Tyne in Gateshead. Both schemes were taken over by other companies after High Street Group's collapse.