Newcastle’s iconic Byker Estate, which is one of only two in the country to have achieved Grade II* listed status by English Heritage, is looking forward to further major improvements following negotiation of a new loan facility by the Byker Community Trust (BCT), which owns and manages its homes.
In 2012, over 1800 homes, commercial properties and land on the estate transferred from the ownership of Newcastle City Council to the BCT.
At the time of transfer, BCT secured a £12 million loan facility from Yorkshire Building Society (YBS) towards a £26.5 million planned capital investment programme designed to deliver improvements to the estate, which was designed by architect Ralph Erskine.
Now the loan facility has been renegotiated with the lender, allowing the BCT to borrow up to £26 million for 10 years from December 2014. The business has also negotiated improved interest rate terms as part of the deal which has been independently market tested to ensure it represents good value for money.
The refinancing means that the BCT will be able to build on the early regeneration work which it has already carried out and is ongoing on the estate, including the external refurbishment of the Byker Wall itself.