Commercial Property Investment Newcastle – A North East property company is to convert vacant space into new flats in a prominent office block in Newcastle city centre.
Cathedral Square, a 1970s office block built on the site of the former Newcastle Town Hall, overlooks the Big Market and Newcastle Cathedral and is famous as the starting point of the annual Bladen Run.
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The building was bought by Newcastle regional property and investment specialist Monument Real Estate for £8 million a year ago, which has moved to secure its future with new plans.
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The firm has also completed a lease renewal at 1 Cathedral Square, which will see the Secretary of State – who will see an employment center on the ground floor and government offices above – occupy 37,000 sq ft of office space until at least 2028. The two properties include Revolucion da Cuba bar, Photoline and Co-op Bank.
Monument, which was founded in 2016 and operates out of offices in Newcastle and Leeds, bought the building with the backing of a consortium of private investors. The firm is now working to secure full planning consent before the end of the year, with the aim of starting work on the conversion in 2023.
Tom Wooldridge, chief executive and founder of Monument, said: “We have secured both the lease renewal and residential consent on the first anniversary of our purchase, which together set a very promising and exciting future for Cathedral Square. .
“Our proposed development at 2 Cathedral Square will see vacant offices converted to alternative uses under permitted development rights, where there is real demand. Our designs for the housing scheme will have a positive impact on the building and this city center location. will continue the wonderful journey of regeneration.
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Tim Bailey, partner at Xsite Architecture, which is working with Monument on the residential projects, said: “We are delighted to have helped secure this permission. Refurbishing existing buildings is an important part of our sustainable future. And the change of use is in line with Newcastle’s ’15 Minute City’ ambitions to accelerate a vibrant mixed-use city centre.”
The ’15 Minute City’ concept is part of the Net Zero Newcastle – 2030 Action Plan and revolves around the principle that everyone should have access to local goods, services and entertainment within a 15-minute walk or cycle of their home. Access is available.
Sam Earnshaw, senior surveyor at Cushman & Wakefield, who acted on behalf of the Secretary of State, said: “This is an excellent outcome for both parties, which demonstrates the effectiveness of good landlord-tenant relations. “It was a pleasure working with Yadgar thanks to his straightforward professionalism throughout the transaction.”
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The project includes the demolition of a multi-story parking lot to make way for approximately 600 new housing units.
The businessman and TV personality, 73, who has been an adviser to Lord Alan Sugar on the hit BBC show since 2015, was absent from the latest series.
“We have people lining up to come into this country to pick rotting crops in the fields and we’re not letting them in.”
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The engineering company said it was prioritizing sites in Cumbria, Gloucestershire and Wales for its small modular nuclear reactors.
In the first six weeks of its current ‘Golden Quarter’, the group said sales of its likes at B&M’s UK stores rose by 2.5 per cent.
The Swindon-based retailer said sales at its stores at airports and other transport hubs had increased from pre-pandemic levels. To request a call back at a time that suits you, simply fill out the form below and one of our consultants will be in touch.
A proposed £100m regeneration project in Newcastle is exciting property investment firms as a result of its potential to boost property prices in the city. The Quayside Wheel Terminus Regeneration Project will see Europe’s tallest observation wheel built in the heart of Newcastle.
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The Giants on Quayside project features a 460ft Ferris wheel, a family entertainment center with trampolines, climbing walls, a track and a cafe as well as a sports complex with tennis courts, indoor five-a-side and a state-of-the-art virtual golf club. The Wheel Terminus building will contain approximately 86,000 square feet of office space.
“Newcastle’s reputation as one of the UK’s most vibrant and exciting cities has attracted significant investment over the past few years. Now the proposed regeneration of the Quay – subject to planning – will see its can see Europe’s leading city on wheels and related amenities. That’s great news for city dwellers, as well as creating some exciting real estate investment opportunities. Jonathan Stevens, MD, Sarandon Invest
It’s been a long time coming for Newcastle in terms of tall buildings. Work has recently begun on Hadrian’s Tower, the city’s tallest skyscraper, which will provide 162 stylish homes, as well as modern community spaces. Investors have shown great interest in the apartments, which come with a 7% NET return guarantee.
Along with healthy yields, Newcastle offers excellent value for money in terms of property prices. In fact, the North East of England is the cheapest area in England to buy a home. According to the government’s UK House Price Index, in October 2018, the average house price was just £128,484, compared to the UK average of £231,095.
Adam Leacy, Partner
“Newcastle already offers exceptional value for money as far as the property market is concerned. The Docks Regeneration Project will create more than 800 jobs, with the approval of the scheme cementing Newcastle as a destination for UK shopping. But could spark another wave of interest.
For regular updates on investing in Newcastle and other regional UK cities, follow the Sarandon Invest team on social media.
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