Specialist property consultants Commercial Property Partners (CPP) have successfully facilitated a multi-million-pound deal for the sale of a prestigious, multi let office, car park and residential investment situated in the heart of Newcastle’s Quayside.
The modern city centre mixed use building, which was completed in 2004, is arranged over ground and ten upper floors, with the commercial element arranged over the ground, first and second floors; and the principal office accommodation, occupied by the Crown Prosecution Service (CPS), at first floor level. The 92 residential apartments are arranged over the third to tenth floors.
As part of the deal facilitated by CPP, the purchaser has also acquired St Ann’s Car Park, offering a total of 238 spaces situated to the rear on the north side of St Ann’s Street, presenting easy access to tenants.
Robin Bullas, Director at CPP, commented: “We’re delighted to have secured the sale of St Ann’s Quay & St Ann’s Car Park Quayside, Newcastle.
“The property occupies a very prominent position with broad views of Newcastle’s iconic bridgescape, the Baltic Centre for Contemporary Art and the Sage Music Venue. Surrounding leisure occupiers include The Malmaison Hotel, Pitcher & Piano, Gusto, Starbucks and Las Iguanas.
“The Quayside itself offers an impressive, landscaped working environment, and a good range of leisure facilities that are attractive to both commercial and residential tenants.
“This deal is reflective of ongoing confidence within the commercial market across the North East, and is further news for the local and regional economy.”
Office occupiers located on the Quayside include Norton Rose, Womble Bond Dickinson LLP, KPMG LLP, Regus, Northumberland Estates and NEP&I. There are also a number of barrister’s chambers along Quayside as well as the Law Courts.
Knight Frank acted for the purchaser.