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CNE Tower, Albert Road, Middlesbrough, TS1 2AZ

cne new.
cne new.

Key Facts

Transform the tallest building in Middlesbrough's into 255 residential apartments and 7 commercial units

  • The apartments are intended to be let to students and young professionals and will bring high quality accommodation to the heart of Middlesbrough.
  • The Proposal: Residential:

-255 high quality apartments over 15 floors (3-17). To be fully fitted.

-Co-living concept with the scheme to include: - a gymnasium - dual aspect common room - glass fronted study rooms - stunning panoramic views

-Plans conform to Permitted development C3 use so do not require a planning application.

  • The Proposal: Commercial

-The retail leisure units comprise 7 units arranged over basement, ground and mezzanine floors -Turtle Bay, Wed2B, SOHO Nightclub, are tenants and producing £175k pa rent

-There will be 43 secure car parking spaces generating additional income

-Negotiations are underway to let the remaining units with operators that are in keeping with the retail/leisure scheme of the building.

  • Middlesbrough boasts the award-winning Teesside University which was built in 1930 and will invest £300m in next 5 years. allocated to a state of the art medical building which will provide cutting edge laboratories for a range of subjects.  
  • Teesside University has recently unveiled £300 million plans for investment across Middlesbrough to expand its Campus over the next 5 years.
  • Grade A office space has been developed on Centre Square in Middlesbrough adjacent to the Centre North East.
  • Culturally, the nearby MIMA art gallery and newly developed Cleveland College of Art and Design have both received multi-million-pound investments.
  • The nearby Freeport is the largest brownfield site in Europe, nearly 5,000 acres, with £500 million in investment received from the UK government.
  • Timeframe: 24months
  • Purchase price – £6,090,000
  • Development cost – £20,558,000
  • Total development cost - £26,648,000
  • GDV – £34,880,000
  • Development profit - £8,232,000
  • Margin on GDV - 23%
  • Margin on GDC - 30%