Homestretch Properties, a subsidiary of Fordgate Group, has been granted planning permission for a 99,050 sq ft (9,202 sq m) office building at the Regent Centre in Newcastle.

The building, to be called Regent Point, will be the first new build office development at the Regent Centre for over 25 years and will increase the total office space at the Regent Centre to over 1 million sq ft (92,902 sq m).

Homestretch hopes to start work on the four-storey building on a surface car park next to the Regent Centre Metro station in the spring.

The speculative scheme will boost Newcastle’s office market, which has suffered from a shortage of new space.

Northern Rock, one of Newcastle’s biggest occupiers, is building a £100m world headquarters behind the Homestretch ownership.

Atisreal and Knight Frank have been appointed as letting advisers on Regent Point.