Hines In Partnership With Olympian Homes Commences Development of More Than 500 New Net-Zero Homes in Newcastle City Centre

(London) – Hines, the global real estate investor, developer and manager has agreed to forward fund the development of a 519-unit residential scheme in Newcastle on behalf of its Hines European Property Partners (HEPP) fund in partnership with developer Olympian Homes.

Once complete, Pottery Lane will form the city’s largest multifamily development. Plans propose an all-electric scheme powered by geothermal heat pumps and on-site solar PV making it net-zero enabled from day one.

The scheme represents Hines’ first move into Newcastle occupying a prime location on the River Tyne, offering waterfront views and direct access to the city’s river path. A short walk from Newcastle Central Station and 1.6km from the city’s core retail submarket, the site benefits from exceptional national rail links and a variety of local amenities.

The site also sits within Newcastle’s Forth Yards Regeneration Area, a priority zone for new investment at the core of Newcastle’s repositioning as a regional hub for the tech, life science and innovation industries. Pottery Lane is close to The Helix, a new c.£350 million tech and life science quarter being delivered by Newcastle University and L&G, as well as Pilgrim Place, a new 400,000 square-feet office-led mixed use destination at the heart of Newcastle’s city centre.

The 325,000 square-feet Pottery Lane scheme will be delivered in two phases by development partner Olympian Homes. Hines has used its extensive experience in delivering sustainable buildings worldwide to adapt the scheme to deliver a building that meets HEPP’s strict ESG targets. The first 11-storey block, comprising 292 private units, will be completed in Q4 2026, with an additional six-storey, 227-home asset due for delivery in 2027. Alongside a mix of one and two-bed rental apartments, the scheme will provide c.10,000 square-feet of best-in-class amenity space including a gym, co-working facilities, two roof terraces and cinema room.

Ross Blair, Senior Managing Director and Head of Hines UK said: “The rapid growth of Newcastle’s tech and innovation sectors, paired with its rising population and the strong reputation of its higher education institutions, is driving increased demand for high-quality rental accommodation in the city centre, particularly among young professionals.

“The scheme’s strong amenity provision and market-leading ESG credentials align with the post-pandemic priorities of Newcastle’s young professional renters. Its outstanding location adjacent to the waterfront and proximity to some of the city’s most ambitious new development projects will further enhance its appeal to this demographic in the coming years.”

Jorge Duarte, Senior Managing Director and Fund Manager for HEPP said: “The creation of rental accommodation in areas of high demand and low supply is a high-conviction investment theme for us.

“We believe this ambitious scheme provides a blueprint for how private capital can be deployed to deliver both value for our investors and the high-quality housing supply the UK and Europe so clearly needs.”

James Lindridge, Development Director and COO for Olympian said: “We are excited to deliver such a high quality BTR asset in partnership with Hines and RG Group. Newcastle is a flourishing city with growing tech business centres, this scheme will help manage the housing supply/demand imbalance in the city by providing high quality, highly sustainable homes to local residents.

“We would like to thank Newcastle City Council for their ongoing commitment and support in the delivery of this scheme and the wider Forth Yards development.”

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About Hines

Hines is a global real estate investment, development, and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $93.2B portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 857 properties totaling over 270 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets.

To learn more about Hines, visit www.hines.com and follow @Hines on social media.

¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2023.

About Olympian Homes:

Olympian has been trading since 1993 and specialises in sourcing and developing large scale Purpose Built Student Accommodation (PBSA), Hotel, Build To Rent (BTR), Co Living and Affordable Housing sites for institutional clients. Since inception, the Principals have originated and / or delivered 45 development projects, producing over 4 ,600 ,000 sq ft of mixed-use development .

To learn more about Olympian please visit: https://olympianhomes.com/

Background statistics on Newcastle housing market:

  • Newcastle is experiencing a population surge, with 4.6% growth expected between 2024-2030 (compared to 2.5% nationwide).
  • The number of private renters in the city centre almost doubled (+97%) between 2011-2019.
  • At 58%, the proportion of households privately renting in Newcastle is more than double the average for England and Wales (22%).
  • Newcastle’s rental market is experiencing a severe undersupply, with a 64% fall in the number of property listings in the city over the past year, the biggest drop of any of the UK’s core cities.