Property company the Malhotra Group has submitted a £5m investment plan to Newcastle City Council to redevelop a residential scheme as the business gears up for several further investments.
The proposed plan, which will create 50 jobs during the development, will see the construction of 16 apartments and two luxury penthouse suites with underground car parking, leisure facilities and concierge services at the Grove, in Gosforth.
Working closely with _Space Architects in Newcastle, the full planning submission for the Grove Gosforth includes a multi-million pound regeneration of a property that has lain derelict for six years.
The Malhotra Group, which employs around 1,000 staff, runs divisions specialising in care, leisure, finance, property development and investment.
Meenu Malhotra, chairman at the Malhotra Group, said: “We are aiming to further enhance the vitality of this historic and landmark street by adding 18 of the finest apartments that our region has ever seen.
The Grove is the first of several investment projects we are expecting to announce this year.
“This size of investment is relatively small for our business but it’s the first time we have embarked on a new-build site that we will ultimately not occupy or own, which means the burden of responsibility is even greater.
“With this in mind, we will be acting with caution by appointing a renowned national builder and a reputable local sales partner.
“We have always wanted to bring this type of accommodation associated with the iconic cities of this world to Newcastle and it will be of a standard unparalleled in the area. “This prestigious location has given us the opportunity to actually build on our vision but at a level that will allow us to learn and then go on to create more substantial developments in the future.
“This is a very exciting time for our business following our restructure as we are bringing the running of all of our businesses and investments under the umbrella of Malhotra Group PLC over the next few months. Although we are an international company, we are very much committed to the local economy here in our home in North East England.
“Key to our approach has been respect for the character of this part of the Gosforth Conservation Area and the preservation of the existing streetscape, on-site mature landscaping and stone boundary wall in particular. As a company, we are very proud to be involved with this fantastic new building.”
The Malhotra Group also operates a care home business and several leisure venues.