Developers are exploring plans to build a unique hotel at the 55 Degrees North building in Newcastle .

Plans have been revealed to residents at the landmark building on the Swan House roundabout for a hotel to be wrapped around the lower section of the property, filling the space beneath the seven floors of apartments.

Growing development company The High Street Group – the firm driving the creation of skyscraping housing scheme Hadrian’s Tower – has confirmed that it is in talks with the site’s owners, the billionaire brothers Simon and David Reuben, who snapped up the building for an undisclosed sum at the end of last year from previous owners Buccleuch Property.

High Street Group is also thought to be in talks with a number of hotel operators to run the resulting building, including the Hyatt and Radisson groups.

The plans emerged at a special meeting held at the building, where the proposals were outlined to residents as well as commercial tenants, including Fat Buddha and Antler.

Different plans are being drawn up for the hotel, which would depend on whether existing tenants such as Metro Radio and digital agency TH_NK decide to stay. It is thought the hotel would have around 100 bedrooms, with the flat owners benefitting from use of the hotel’s concierge service.

The building was originally built as regional headquarters for BT in the 1960s, before being converted into flats in the early years of the 21st century.

Proposals for a hotel at 55 Degrees North come as Taras Properties - the company set up to drive forward plans on Reuben brothers’ land – is preparing a planning application for nearby Bank House Square, a huge scheme which could create two further office building, a public plaza and a new underground car park.

The Bank House Square site is set on the eastern side of Pilgrim Street and includes the former Bank of England plot, the former Worswick Street bus station and the NCP car park at Carliol Square.

The first phase of the Bank House Square development will be the recently announced Bank House, a 14-storey, 120,000 sq ft Grade A office building which will be the subject of a separate planning application due to be submitted to council planners this month.

All told, at least £100m will be invested in the Bank House Square scheme.