Hines, on behalf of its Hines European Property Partners (HEPP) fund, has committed to forward fund the construction of a 519-unit residential scheme in Newcastle, UK.
The initiative is in partnership with developer Olympian Homes.
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This development, known as Pottery Lane, is said to be the city’s largest multifamily project upon completion.
Olympian development director and COO James Lindridge said: “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.”
The scheme, spanning 325,000ft², will be executed in two phases.
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The first phase of the project, an 11-storey block with 292 private units, is scheduled for completion in the fourth quarter of 2026.
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By GlobalDataThis will be followed by a six-storey building offering 227 homes, expected to be ready in 2027.
The development will feature a mix of one and two-bed rental apartments.
The multifamily community will offer approximately 10,000ft² of amenity space, including a gym, co-working facilities, two roof terraces, and a cinema room.
Hines has applied its expertise in sustainable building to ensure the project aligns with HEPP’s environmental, social, and governance criteria.
The development is designed to be net-zero enabled from the outset, featuring an all-electric system powered by geothermal heat pumps and on-site solar photovoltaic (PV) panels.
HEPP senior managing director and fund manager Jorge Duarte 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.”
The site is situated within Newcastle’s Forth Yards Regeneration Area and is in proximity to The Helix and Pilgrim Place.
This comes after Hines, along with its partners, announced the official ground-breaking and commencement of construction for FAT Village, in Florida, US, last month.
