Whey Aye’s in our sights
THE Whey Aye could be given the final go-ahead as soon as next month.
The £100m development could create hundreds of local jobs and revitalise a derelict chunk of the Quayside.
Its centrepiece is the 140m Whey Aye – Europe’s biggest observation wheel.
The team behind it hope a bumper planning application, submitted to Newcastle City Council before Christmas, could go before councillors in “March or April”.
If approved, the wheel could have its first passengers before next Christmas – while it should start to become visible on the Quayside skyline by the end of 2019.
“Dependant on planning, by Christmas, things will be happening,” said Phil Lynagh, CEO of the World Wheel Company.
“Our drive is to get planning approved with minimal conditions in place, that’s why the document is so large – we’ve tried to cover everything we possibly can.”
The sprawling Spillar’s site would encompass the ‘Giants of the Quayside’ experience, an attraction offering everything from trampolines to virtual golf.
If approved, construction of the wheel will commence abroad at the same time as the tender process to erect it will begin on Tyneside.
And during it all, the firm will be trying to entice investors. They will be part of a delegation heading to Cannes, in France, next month to pitch the project to 26,000 investors at Mipim – a four-day conference dubbed the world’s biggest property market.
Although developers are forced to play the waiting game to see if planning permission is granted, Phil is thrilled with interest in the project. “You are not going to get firm commitment until planning is through, but when it has come to expressions of interest, it has been really good,” he said.
“The appetite for the development has been surprisingly positive. “The fact we are in conversations with potential suppliers of our senior and mezzanine and equitybased debt structure at this stage is encouraging. And we’re extremely pleased at how helpful and diligent the planning department has been.” Due to the wait on planning, the answers to several key questions are still unknown.
Exact opening dates, funding and which bars and restaurants could open all depend largely on if and when planning is approved.
The exact number of local jobs created during the construction is also unknown, although developers, who want to only use firms with a local presence, hope that figure will be “substantial”.
While there is excitement about the plans, there are also some concerns and criticsm. Some have complained about the design of the site, while others have flagged up fears about parking.
But Phil replied: “We are extremely confident on the funding, and we are confident about how we can manage transport and infrastructure.”