Balfour Beatty lease West One in 10-year deal

Jul 1 2009 By Peter McCusker, The Journal

THE developer of a new 10-storey Quayside office building completed last year has secured its first letting and says there will be more deals to follow.

Balfour Beatty has leased the 10,000sq ft top floor of West One in Newcastle, for 10 years, from developers Mandale at a rent in the region of £18 per sq ft.

Located at the foot of Forth Banks, at the western extreme of the Quayside, West One has six floors of parking and four storeys of office space, totaling 44,500sqft. It is next to Mandale’s 13 storey residential tower.

Joe Darragh estates director of Mandale, said: "We are absolutely delighted that Balfour Beatty has taken the decision to occupy our prestigious West One property. We have always had absolute confidence in the location by the River Tyne, but still in the city centre. Now with such a respected name taking the top floor on a 10-year lease at the asking rent our confidence has been rewarded."

Mandale says it has been in talks with several potential new tenants including a number of London based firms.

Mr Darragh added: "This proves that despite the challenging market conditions, given the right offering, large deals are still there to be done and we are very positive about the future."

Anne De Costa of Balfour Beatty, which is relocating its staff from its current Gateshead base, said: "We required a commercial office environment to provide and provide the high standard of facilities we require for our staff and their visitors. West One with its city centre location and high building specifications is a choice we are very happy with."

Neil Osborne director at letting agents storeys:ssp, said: "This is an illustration that quality and well located space will attract high calibre tenants such as Balfour Beatty even in a difficult market."