Sought-after schemes fill gap

Apr 23 2008 by Graeme King, The Journal

Demand for grade A office space in Newcastle consistently outpaces supply, prompting intense interest in the few new-build city centre schemes, says Tony Wordsworth.

CURRENTLY Newcastle has only 50,000sqft of available grade A office space. McAleer and Rushe is expanding its presence at the southern end of St James’ Boulevard with a major new office building. Its development at St James’ Gate is already one of the largest entirely new-build schemes in the city.

The 47,600sqft Fusion office in Forth Street, by Buccleuch Property, will open up historic space, including a chapel, close to Central Station.

It will transform the area into contemporary office space in an increasingly popular area for businesses. Joint letting agents are Sanderson Weatherall and GVA Lamb & Edge.

Silverlink’s £250m Stephenson Quarter will dominate that area of the city when it is built out. Offices form an important aspect of the quarter, which will take up to 10 years to complete.

Silverlink’s Trinity Gardens is a successful example of the developer’s Newcastle schemes which bring the city centre and the Quayside closer together.

A major new-build city centre scheme coming to the market this year is the East Quay 5 development.

Located in a prominent gateway position just off the Quayside, this new 35,000sqft building will offer five storeys behind a full-height curved glazed facade. Developer Argon Properties aims to have the offices ready for this autumn. We are joint agents with Atisreal.

Mandale is also close to completing its 44,000sqft West One office building.

The lack of large new-build schemes means some growing companies are negotiating more floorspace in their current offices rather than moving to new premises.

Unw chartered accountants recently doubled its space by moving to another floor at Citygate, having first taken ground-floor space four years ago.

At Cale Cross House, Sinclair Knight Mertz recently renegotiated its space to accommodate significant growth. It now occupies a full floor in the 17-storey building at the Tyne Bridge.

Newcastle remains the envy of many UK cities because of the excellent take-up and demand of new grade A office space.

There appears to be no indication of a slowdown in interest during 2008 – a good sign which we hope will continue for years to come.

Tony Wordsworth is office agency partner at GVA Lamb and Edge.

Newcastle is the envy of many cities because of the excellent take-up of grade A offices