The city of Newcastle has a relatively small population compared to other northern cities, with approximately 297,000 residents, but almost 1.7m people live within a 30-minute drive of the city centre.
A key element of the population comes from two first-class universities. Newcastle and Northumbria. Significantly, the city has the highest percentage of STEM (Science, Technology, Engineering and Mathematics) and Computer Science students in England and one of highest graduate retention rates at 55 per cent. Over 100,000 students live in Newcastle and the surrounding region.
It is estimated that the city’s population will increase to 318,000 within the next 20 years.
THE CITY CENTRE
High-quality city centre office space is currently around 30 per cent cheaper than other UK cities and 68 per cent less than London, accordingly to global property consultancy Knight Frank.
The historic centre core remains a prime professional and retail destination, but the acclaimed regeneration of the Quayside by the Tyne has broadened the city’s economic base. What was once a decaying industrial and dockside area is now a thriving business, arts, music and culture location including The Sage, Millennium Bridge and the Baltic Art Gallery.
It is also home to Newcastle Law Courts, Malmaison and offices for major UK professional companies such as Knight Frank and lawyers Womble Bond Dickinson and Ward Hadaway. The city centre has remained buoyant, despite competition from out-of-town shopping centres like The Metro Centre and business parks, such as Cobalt, Newburn Riverside and Quorum.
The presence of two major universities in Newcastle ensures that there is sustained demand for student property investment, with high yields, in Newcastle and the surrounding areas.
Meanwhile plans for a £250m urban village that developers say could become “the Ouseburn of west Newcastle” – a reference to the self-contained, regenerated Ouseburn area of east Newcastle - are set to go before councillors later this year.
Developer Newby has released details for its proposed Quayside West development on a derelict site next to the Metro Radio Arena. Plans for the former Calders site on Skinnerburn Road include up to 1,500 homes as well as a hotel, bars, restaurants and several green spaces. The Quayside itself, overlooking the Tyne, remains a magnet for new housing developments.
Other popular areas for growth and new developments include Gosforth and Jesmond, as well as the city centre itself. According to City Council figures, there has been a 23 per cent increase in property prices in the city during the past five years.