Over the last three decades there was a rush to the East Quayside new office development by the professional and legal sectors because the fixed fabric of Newcastle city centre could not provide the larger floorplates of office accommodation then required.
‘Times they are a changing now’ with an improved offer of top-quality Grade A space being built speculatively by the private sector within the city centre, at Newcastle Helix and at East Pilgrim Street.
Developers and Investors who pushed forward with major new office buildings in Newcastle city centre have secured an impressive take up of space both by way of pre-lettings and new lettings over the last 2 years.
Two new developments have brought forward three brand new speculative office blocks of 100,000sq ft plus, namely The Lumen and The Spark at Newcastle Helix and Bank House at Pilgrim Place.
Bank House, Pilgrim Street
The lettings to Clifford Chance (15,000sq ft) and Hay and Kilner (14,600sq ft) at The Lumen, Newcastle Helix saw take up of 2 further floors within this exemplar Grade A office building. The latest letting involved 7,190sq ft on the fourth floor takes the building occupancy to an impressive 88%.
Womble Bond Dickinson has taken occupation of 40,000sq ft at the adjoining phase 2 building, The Spark, which achieved practical completion early 2022. The National Audit Office (NAO) recently signed up to take 10,000sq ft on the fourth floor. Avison Young and Savills are joint letting agents on both buildings. Avison Young and Savills are joint letting agents on both buildings.
Bank House, Pilgrim Street which extends to 120,000sq ft is scheduled to complete in April 2023, being the first phase within the Pilgrim Place scheme, which can accommodate a further 260,000sq ft of speculative office space alongside Bank House.
Pre-lettings to DAC Beachcroft (15,000sq ft) and Lycetts (10,000sq ft) were secured 6 months prior to the scheduled building completion date. Knight Frank and Avison Young are the joint letting agents.
Tony Wordsworth, Director, Avison Young, comments: “The Lumen, The Spark and Bank House provide ‘best in class workspace’, which enables tenants to improve the quality and efficiency of the space they occupy.”
Avison Young will be Attending MIPIM 2023 with the Invest Newcastle delegation – representing real estate opportunities within Newcastle on a global stage. You can find out more about Invest Newcastle at MIPIM here: Newcastle at MIPIM
Enquiries; Contact; Ian Parker, Consultant, Avison Young, Newcastle
Tel; 07919692879; Email; ian.parker@avisonyoung.com
