Carillion wins £250m Newcastle-upon-Tyne development

Carillion is in discussions with a local developer for an estimated £250m deal in the North East, according to a well-placed source.

The Newcastle-upon-Tyne scheme is known as the Stephenson Quarter and is a mixed development being promoted by Silverlink Properties.

An insider said: "Talks are on-going and details of a cost plan are being hammered out.

"There's a way to go yet, but as far as I know Carillion is the only contractor in the frame at the moment."

The high-profile plan, which is being described as 'almost a town in itself', is for the comprehensive redevelopment of the quayside site.

The scheme will include three new-build offices covering around 40,000m² and the conversion of three listed buildings into offices.

Also planned is a 2,200m² distribution depot for Royal Mail and 6,800m² of retail space.

Two hotels are also in the mix. A 250-bed luxury hotel is planned as well as a smaller facility, being billed as a 'boutique hotel'.

Also featured are apartments spanning 13,500m², a cultural and arts building covering nearly 3,000m², a multi-storey car park and finally cafes, restaurants and bars.

As yet, there is no indication when construction work is likely to start on site.