Crosslane Student Developments is set to build a new student accommodation on Albert Street, in Shieldfield.
Work has begun on a new £12m scheme, which will home 135 students in 114 flats and 21 studio apartments.
The new student accommodation development, which will be built within a few minutes walk from the Northumbria campus, is the fourth Newcastle project of Crosslane Students Developments.
It comes on top of their recently completed developments – St. James House, St James’ Point Phase 1 and St James’ Point Phase 2 – and brings Crosslane’s total investment in Newcastle to £60 million and 701 beds.
The accommodation is to be built on what was once a car dealership, which was acquired by Crosslane in August this year.
With construction currently underway, the building is expected to be complete in time for the 2017/18 academic year.
The building will be advertised and managed by Crosslane’s letting division, Prime Student Living.
As well as 135 bedrooms, the development will also feature a common room, gym, courtyard and management office.
Andy Whatson, Crosslane’s Director, said: “We are pleased to commence building at Albert Street, our fourth development in the city, and help to meet the strong growth in demand for this type of student accommodation in Newcastle.
“Crosslane has a successful track record of developing high quality student accommodation, working in close partnership with local planning committees to ensure we deliver schemes for the long term in a responsible and reliable manner, for the benefit of our customers and the surrounding neighbourhoods.
“We continue to grow our identified pipeline of potential student accommodation investments in Newcastle and other prime university cities in the UK and Continental Europe.”
The development follows a surge in demand for private accommodations in Newcastle, due to the significant growth of the student population in the city and the closure of University-managed sites in recent years, including Richardson Road and Henderson Hall.