Stephenson development underway with support of RBS CIB funding (UK)

The Royal Bank of Scotland has been appointed leading financial partner for the first phase of the £200 mln (approx. €234 mln) Stephenson Quarter, next to the Central Station. Under the leadership of Newcastle-based developer Silverlink, RBS Corporate and Institutional Banking (CIB) has provided a £22.75 mln (approx. €26.6 mln) facility to ensure work is now underway to develop a landmark 251-bed four-star hotel in Newcastle city center.

Phase one will include a new luxury hotel and spa with state-of-the-art conferencing facilities along with a 357-space multi-story car park, 35,000 ft² of offices and a large new landscaped public space that will be completed within the next two years.

Work on this important 10-acre strategic site represents a successful professional, funding partnership between Silverlink, RBS CIB, Newcastle City Council, Miller Construction, The Intercontinental Hotel Group, and the Local Enterprise Partnership. All parties, along with other stakeholders, have combined to create a resilient funding scheme.

John Dryden, regional director at RBS CIB, said: “We’re delighted to be involved with such a prestigious project. We pay tribute to the developer’s determination and skill to drive the scheme forward in extremely demanding market conditions.”

"The hotel and wider initiative has great potential to add enormous value to Newcastle and underlines the potential the city has to offer. Silverlink have vast experience in real estate and property redevelopment and I am confident the new Crowne Plaza Hotel and Conference Centre will be an enormous success given the developer’s passion for excellence.”

"We recognize that physical regeneration is one of the keys to job creation, the social and economic well-being of a city. We are delighted to play our part in that.”

Source: Citigate Dewe Rogerson

Related News