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One Millenium Quay / Jury's Inn Hotel | Gateshead | 18m | 4/5 Fl | Completed

29K views 154 replies 29 participants last post by  Ken O'Heed 
#1 · (Edited)
This was originally the site of Yuill's rejected South Shore One scheme, and then slated for Opus Land's Days Inn, before McAleer and Rushe bought the land and proposed their office and hotel scheme. Property Week says they will begin construction in 2010.

McAleer & Rushe Statement:

# Planning Permission Obtained For 57,000Sq Ft Offices, 205 Bedroom Hotel And 88 Car Park Spaces
# Hotel Pre-Let To Jurys Inns Group
# High Profile Location Overlooking River Tyne And Gateshead Millennium Bridge, Whilst Being Adjacent To Baltic Centre For Contemporary Art And The Sage Gateshead

Images:




 
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#50 ·
Part-built Jurys Inn lease sold to Aviva
September 23rd 2010, by John Hill, The Journal


THE Jurys Inn hotel being built in Gateshead has been sold to Aviva Investors in a deal worth more than £19m.

The 204-bedroom, five-floor hotel is due for completion in September 2011, and is based on the waterfront on South Shore Road. The forward funding deal was announced by previous owners McAleer and Rushe Group, and reflects a net initial yield of 7.25%.

McAleer and Rushe Group was advised by Steerforth Partners, while Knight Frank acted for Aviva Investors in the acquisition of the hotel on the Millennium Quay.

Chris McCormick, fund manager at Aviva Investors, said: “Millennium Quay is an exciting development area in the city and, combined with a 35-year, indexed-linked lease from Jury’s Inn, this presents a sound investment opportunity.”

Jurys Inn hotel group chief executive John Brennan said that the company was “very pleased” with the deal, and that Jurys would continue to push to be recognised as “a clear mid-market leader in the UK hotel market”.

He said: “We’re very pleased with the investment by Aviva, which we believe is a very strong endorsement of the strength of the Jurys Inn business model. The opening of Gateshead will be the 10th new Jurys Inn hotel to open as part of our current expansion programme and will bring the total number of hotels we have in the UK to 25.”

McAleer and Rushe bought the quayside spot to the east of the Baltic Centre for Contemporary Art for £5m from developer Opus Land in December 2007.

It already had outline planning permission for a hotel on site, but the company also secured planning permission for a 60,000sqft riverside office building.


FULL ARTICLE HERE - http://www.nebusiness.co.uk/busines...jurys-inn-lease-sold-to-aviva-51140-27324272/
 
#52 ·
New offices to go ahead at Gateshead Quays
October 6th 2010, by Peter McCusker, The Journal



IRISH developer McAleer & Rushe is to press ahead with plans for 60,000sq ft of offices on Gateshead Quays after selling its hotel venture on adjacent land.

Work has now begun on a 204-bedroom hotel for the Jurys Inn chain with completion of the project earmarked for this time next year.

Last month McAleer announced it had secured a forward-funding deal with Aviva Investors to develop the hotel on Millennium Quay in a deal worth more than £19m. The deal will see Aviva secure a net initial yield of 7.25% with Jurys Inn agreeing to a 35-year, index-linked lease.

A spokesman for McAleer & Rushe said it was now looking at securing tenants for the office development on adjacent land.

Shortly after buying the site for £5m from developer Opus Land in December 2007, McAleer secured planning permission to develop 60,000sq ft of offices.

McAleer says that at this stage it is unlikely to proceed with the offices without pre-lets in place and is currently talking to potential occupiers.

The 204-bedroom, five-floor hotel is based on the waterfront on South Shore Road on land to the front of City & Northern’s and Roberston’s Baltic Place. It will create almost 80 new jobs.

Chris McCormick, fund manager at Aviva Investors, said: “Millennium Quay is an exciting development area in the city and, combined with a 35-year, indexed-linked lease from Jury’s Inn, this presents a sound investment opportunity.” Jurys Inn hotel group chief executive John Brennan said that the company was very pleased with the deal, and that Jurys would continue to push to be recognised as a clear mid-market leader in the UK hotel market.

He said: “We’re very pleased with the investment by Aviva, which we believe is a very strong endorsement of the strength of the Jurys Inn business model.

The opening of Gateshead will be the 10th new Jurys Inn hotel to open as part of our current expansion programme and will bring the total number of hotels in the UK to 25.”


MORE HERE - http://www.nebusiness.co.uk/commerc...s-planned-for-gateshead-quays-51140-27407148/
 
#56 ·
I obviously haven't read the planning report, but i'm sure it would have stated something like "responds well to the existing building to the south" ; because tbh whats the point in separating the two buildings. May aswell have created one large building ala St James Gate.
 
#57 ·
What's the chances of them having built it in the wrong place and having to knock it down and put it right LOL. It is going to look well weird without the symmetry that the plans suggested.
 
#59 ·
I wonder how the eventual site will look - the building going up now seems to be slap bang in the middle of the plot, fairly equal spaces either side of it. would've made more sense to have shifted it to one side or other as the initial renders suggested.
 
#58 ·
My initial low expectations for this development continue to drop. Im now expecting something similar in appearance to the Holiday Inn Express on St James Boulevard, and as it now transpires, its totally asymmetrical to Baltic Place. Could they not have shoved the whole lot 50m East and landscaped the land into a small piazza facing the river? or even a surface car park for that matter, it would certainly be less obtrusive.
 
#60 ·
Well I've had a look over the most recent plans, and looking at them it is designed to not align with the towers behind. I'm not sure if the render is from very early plans or if it is just a bad render.

Here you can see clearly where the two buildings are sited in relation to Baltic Place:



Also here are some elevations of how things should look...

West elevation:



East elevation:



South elevation:



North elevation:



Latest planning documents available here: http://planning.gateshead.gov.uk/publicaccess/tdc/dcapplication/application_detailview.aspx?KEYVAL=L0VCG3HK07L00&module=P3&hidereturn=true
 
#65 ·
Well that has certainly gone up quick! I've noticed though that its only the front part of the full structure thats been constructed at the moment, as illustrated here:



Is it normal for buildings to be constructed in this manner? You can see behind the current structure where the other parts of the building are starting to go up. I thought all of the building would just be built at the same time though? I'm sure theres a reason for this and someone with better knowledge in the construction industry could perhaps share some information?
 
#66 ·
Well that has certainly gone up quick! I've noticed though that its only the front part of the full structure thats been constructed at the moment, as illustrated here:

My guess is that it's only the "sticky out" bit of the front section that's been completed, i.e. the North/South (roughly) main spine is what they are starting now, so by the end, the riverside frontage will be roughly half as big again, as the "completed" part is currently.
 
#68 ·
11th November 2010

Still no idea why they built the 1st segment to full height and then the rest, but can now at least confirm that the rest of the building all seems to be going up at the same time.









 
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