Student flat scheme boost for Newcastle building firm

Aug 14 2009 by Chris Knox, The Journal

Brian Ham, director of Metnor Property Group, said: “We’re delighted that we are now able to begin work for Northumbria University on this prestigious project.

“This is a fantastic scheme, both for the university and the ongoing regeneration of this particular area of Newcastle.

“It will also mean new work coming in for those involved in our supply chain, from steel erectors to brick workers, which is fantastic for the region.”

The scheme will compliment Metnor’s plans to build a nine student blocks in nearby Shieldfield, Newcastle, which would include 2,000 beds and include shops, a cafe/restaurant, offices, health centre, 188 car parking spaces and an energy centre with biomass boiler.

Like many firms operating in the North East’s troubled construction market, Metnor has had its fair share of difficulties over recent months and chose to de-list itself from AIM in March after saying that it was being “seriously undervalued” by investors.

The firm, which grew its annual sales from a £9m to £80m during the 10 years it traded on AIM, now believes it is a well placed to weather the economic storm with the help of such large scale projects.

Mr Ham said: “It’s safe to say that we were banking on the Northumbria University project going ahead. With work about to commence, we can now look for forward to the future knowing that we have such a major scheme in place.”

We can now look for forward to the future knowing that we have such a major scheme in place.