The former Bank of England property sits at the gateway to Newcastle City Centre and is set to be transformed into a 14-storey Grade A landmark office building and retail space.

Bowmer + Kirkland, the contractor appointed by Taras Properties, is proceeding at pace with the clearance and infrastructure works for Bank House, a high - quality office scheme to redevelop the prominent former Bank of England city centre gateway site at the junction of Pilgrim Street and Swan House roundabout.

Initial works involved breaking out the massive heavy structure vaults beneath the former bank.

Taras Properties is investing in the construction of the Ryder Architecture designed Bank House, a 14 storey,120,000 sq. ft. Grade A. landmark office building, with complementary ground floor retail uses, which will form the catalyst for the wider East Pilgrim Street Regeneration Area development proposals.

Taras Properties, which owns the entire site, has worked up the development proposals with Newcastle City Council. The project, which started on site in mid- October, is scheduled to complete in Spring 2023.

Councillor Ged Bell, Cabinet Member for Employment and Culture, Newcastle City Council said:
“Hailed a catalyst for the wider regeneration of East Pilgrim Street, signature projects like this form part of our wider plans to kick-start our city centre transformation, accelerate growth and create jobs for our people.

“This major step forward for Bank House signals confidence for the future, with this £100m gateway and route into the heart of our city playing a vital role in the recovery and revival of our urban core. It will help us to create a destination that brings communities and businesses together, encouraging greater footfall to support all sectors.”

“Our city centre is the economic, cultural and leisure hub of the North East and we want to further establish our city as a European destination of choice for both people and businesses. We will continue to deliver signature projects and interventions that help us to create a place where businesses can thrive, and that people are proud to call home.”

Roger Thornton of Taras Properties comments: “We are very pleased to have started work. Bowmer + Kirkland have made excellent progress since commencing on site and over the coming months there will be very visible changes to the site. We continue to work with Newcastle City Council on various matters and appreciate their support. Once complete, Bank House will be a significant contribution to the Newcastle office market.”

Joint letting agents Tony Wordsworth, Avison Young and Patrick Matheson of Knight Frank stated: “Bank House will provide a best in class workplace on a strategic gateway site in the city centre. It will offer unrivalled views over the city and respond directly to the increasing demand for high quality Grade A office space in Newcastle.”

Commercial, Planning and Project Management advice on the scheme is being provided by Avison Young with architectural design by Ryder Architecture. Cundall is providing engineering input.

The site was home to the Bank of England, constructed in the late 1960s, but which lay empty for several years before being demolished in 2012.