Our real estate team have acted in a multimillion-pound deal that has seen a prominent building overlooking Newcastle’s Bigg Market change hands.
Cathedral Square has been bought by Newcastle based Project Nicholas Limited for £8m. The company comprises a consortium of North East based investors led by Monument Real Estate and is also supported by a major institutional fund.
Advice on the acquisition was provided by Jonathan Combe, partner and head of the real estate group, and senior associate John Kellett.
The property, a 1970s office block, spans almost 100,000 sq ft and is currently tenanted by Job Centre, the Revolucion de Cuba bar, Co-op Bank and Photoline print services and provides considerable refurbishment and redevelopment potential.
Tom Wooldridge, executive director and founder of Monument Real Estate, who led the Cathedral Square project said: “It was great to work with Jonathan Combe and John Kellett on this acquisition and who made sure the legal process went extremely smoothly. We’re looking forward to working with them on the ongoing asset management of Cathedral Square and also some other potential opportunities.
It’s hoped that the deal will help spur further redevelopment of the Bigg Market area that has seen public areas improved and buildings take on new uses in recent years as part of a multi-million pound redevelopment scheme led by NE1 Ltd.
Alex Slack, Head of Special Projects at NE1 Ltd said: “The sale of Cathedral Square is a fantastic North East-led investment story, giving a new future to a building of major significance in the heart of the city centre.
“Cathedral Square is a big-ticket project that has the potential to transform the area and continue the major regeneration of the Bigg Market. We are excited to see the next chapter of the building unfold. Throughout NE1’s Bigg Market regeneration programme there have been numerous potential suitors for Cathedral Square, but we are delighted that the buyers include a consortium of local, North East investors who have a focus, interest, and commitment to the wider city and region not just to the building.”
For help and advice on any commercial property legal issues, call Jonathan Combe on 0191 211 7925 or email [email protected]