Property development company Adderstone Group submitted the plans in conjunction with iQ Student Accommodation to Newcastle City Council to create two new buildings of between eight and 12 storeys on the current site of the Technopole office building, which has remained vacant for some years.
The development will comprise 162 apartments, a communal student hub, gym, dining spaces, games room and cinema room.
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A planning statement submitted by consultants Lichfields – alongside the planning application – confirmed that the development could contribute £10.7m per annum to the local economy, creating hundreds of jobs during the construction and on completion.
“It has been great to have worked with iQ again after our successful partnership on [its] latest development in Collingwood,” said Ian Baggett, founder and CEO at Adderstone Group.
“On completion of this latest project, more than 2,000 people in Newcastle will be living in homes developed by Adderstone Group.
“It means a great deal to my team and I to have made such a contribution to the ongoing regeneration of our home city.”