Recession holds up city's masterplan

Sep 2 2009 By Amy Hunt, The Journal

Nick Kemp, who chairs the council’s regeneration scrutiny team, said the site had the potential to once again be "a key gateway into the city".

He added: "In the short term this may well be good news, since the recession is having a damaging impact on many sites, and they may be able to rent out the space ahead of the overall work.

"But overall it is a step back from where we want to be."

King Sturge and GVA Grimley have been appointed as joint letting agents to market the offices, ranging in size from 1,000sqft up to 60,000sqft, on a flexible short-term basis. Jonathan Sykes, partner in charge of King Sturge in Newcastle, said: "The development timescale of the East Pilgrim Street area has been put back due to the current market circumstances.

"NE1 offers a truly unique opportunity for businesses looking to secure city centre offices without making the commitment to a long term lease. The offices are available on flexible terms and provide room for businesses to grow. In the current uncertain market NE1 offers a realistic interim solution to businesses in need of immediate office space."

The site, part of Newcastle City Council’s masterplan for the wider redevelopment of the key part of the city centre, is currently occupied by firms including Aviva, Npower and solicitors Browell Smith & Co.