Its planned urban village on the former Calders site on Skinnerburn Road would be phased over 10 years and sustain around 260 construction jobs each year.

Designed by architects Faulkner Browns, the Newcastle regeneration scheme would consist of around 15 blocks from three to 19 storeys high. Plans include building a new east/west spine road through the site.

Site enabling works could start as early as next spring with the first plots ready for construction by the autumn of 2019.

Nick Moody, director at Newby said: “Our development team has worked hard to devise proposals which will make Quayside West an attractive place to live, work and visit.

“The site is well-located and our design will ensure that it connects to the city centre, the River Tyne and wider area. As a result, Quayside West could act as the catalyst for the council’s exciting plans to redevelop the Forth Yards area.

“It is clear that people want to see this derelict site brought back into use.”