The former department store, which has been sold by the Co-operative Group to DTZIM, will be fully refurbished by Interserve to provide retail and leisure units on the ground and basement floors.
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Among other occupiers, Premier Inn will operate a 184 bed hotel at the site, with the refurbishment of the building expected to be complete by December 2015. Interserve is to manage delivery of the project on behalf of DTZIM.
The Grade II listed art deco building extends to nearly 170,000 sq ft over six floors and has been a feature of the city's skyline since it opened in the 1930's. The sale also includes the adjoining car park and Chinese restaurant.
With its twin towers, sweeping curves and huge windows, the city-centre building was once Newcastle’s most elegant shopping outlet.
Construction work on the project will be led from Interserve's Newcastle office and is expected to start in a matter of weeks. Interserve will work closely with local supply chain partners on the development, which will provide significant local employment opportunities.
(CD/MH)
