the north east |
EVOLVING CITIES: THE CHANGING FACE OF NEWCASTLE
hub of business and culture that is home to almost 300,000 people. The continued regeneration of the city will enable further evolution and growth and the next section of this report examines the key schemes that will facilitate this. One of
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Tony Wordsworth, Director, GVA, Newcastle
Newcastle’s great strengths is its knowledge economy. Over 100,000 students live in the city and
surrounding region and it has one of the highest graduation retention rates at 55%. There has been redevelopment in recent years that has included the major expansion of the Northumbria Campus but there
MAKING SAVINGS
savings. Closing buildings may bring short term revenue savings, but a cultural shift is required to make significant sustainable savings. In North Tyneside, our local authority
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partner is embracing agile working. We have been able to support and guide the council and its many different internal services in finding solutions that work for everyone. Also, the local authority took a long
lease of two buildings on Cobalt Business Park nearly 10 years ago in a very different economic environment. Through negotiations with Capita’s Property team, a significant sub-letting was recently completed with a global professional services company for them to take a floor of one of those buildings, with first option on subsequent floors as they become available. Capita’s role included negotiating lease
length, rent and service charge details, maintenance responsibilities, and other lease conditions and caveats. Internally, our Project Managers have carried out the practical elements of the move, including relocating employees, arranging removals, organising building modifications, resolving security/ICT issues and calculating running costs for the service charge.
COMMERCIAL PROPERTY MONTHLY 2017
any local authorities are reviewing their operational properties to make
are housed on a range of employment sites including, Cobalt Park. The business park is the UK’s largest and most successful business park in the UK, is now 90% occupied and provides employment for 14,000 people. The park is home to 20 major occupiers across a range of sectors including IT, financial services, utilities and renewables including Accenture, Utilitywise, EE, G4S, Hewlett Packard and Procter & Gamble. There are only a few offices remaining with the largest at 125,000 sq.ft. The other business park in North
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Tyneside is Quorum Business Park in Longbenton which is home to a number of large companies including Tesco Bank, Convergys, insurethebox and Balfour Beatty – and is continuing to attract new tenants. Quorum is now home to over 5,000 staff and is 65% occupied. One of the latest signings is North East bakery favourite Greggs, which recently relocated its main headquarters to the park. Excellent progress is also being made
on the Swans site in Wallsend which is attracting significant interest from
ewcastle has seen drastic change over the last ten years and is now a vibrant
remains significant demand to provide more student accommodation in and around the city centre and to provide further facilities for the universities. The 24 acre landmark Science Central
development offers an excellent opportunity to address these requirements and develop Newcastle’s knowledge economy, as well as appealing to hi-tech businesses. Legal & General are working with Newcastle City Council and Newcastle University to deliver a centre for scientific and technological research and business. The scheme will ultimately deliver 500,000 sq. ft. of office space, 450 new homes, a significant number of student beds and create around 4000 jobs. The East Pilgrim Street site provides 12
acres of prime mixed use development land linking Newcastle’s retail and commercial core to the quayside. The site is predominately in single ownership and is being brought forward by Taras Properties who are working closely with Newcastle City Council. A masterplan for the Northern Block is being developed and is likely to be
completed by mid-summer 2017. The Newgate Shopping Centre and
Street area scheme represents further major retail development and will also deliver a new hotel and student accommodation. Planning permission was granted in late 2015 for a mixed-use regeneration scheme led by developers McAleer & Rushe. The on-going redevelopment will deliver 575 student beds, a 269 bed hotel and 20,000 sq.ft of retail and leisure space. Improving the range of quality office
accommodation is crucial if the city is to meet demand and its aspirations for improved economic performance. The comprehensive development of Stephenson Quarter will provide 260,000 sq.ft of new Grade A. space as part of a mixed use scheme that will capitalise on the location’s historic character. Newcastle faces numerous challenges
but has to date exhibited a remarkable and innovative revitalisation and is underpinned by the required foundations and ambition to further future growth.
THE BUSINESS PARKS OF NORTH TYNESIDE
orth Tyneside is home to some of the largest businesses in the UK which
national and international firms. Over £100 million of investment is being pumped into the 34-acre site to create an advanced manufacturing hub for the offshore sector. Once complete, Swans will generate thousands of new, well-paid jobs. The region is already home to a broad range of major companies including Maersk, OGN, GE Oil and Gas, Fabricom Offshore, SMD, WD Close, Quick Hydraulics and Barrier Group. The Swans Centre for Innovation has
also been launched on the Swans site providing new and flexible business accommodation in a prime location for small and medium-sized businesses in the energy, marine and offshore sectors. The Centre for Innovation project is part financed by the European Regional Development Fund (ERDF), managed by the Department for Communities and Local Government, securing just over £1 million of ERDF investment. North Tyneside boasts an enviable
range of benefits for investors including a cost effective and committed workforce, four local universities providing a wealth of new talent and a truly unique quality of life, with the perfect mix of rural, costal and urban living.
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