| the north east
POSITIVE START TO 2018 T
by Chris Pearson, Partner, Gavin Black & Partners.
he first quarter of 2018 saw 63 completed office deals report the North East Office Agents (NEOA), comprising Cushman Wakefield, Bradley Hall, Gavin Black & Partners, Lambert Smith Hampton, Sanderson Weatherall, GVA, Knight Frank, Naylors and BNP Paribas. In all 171,943 sq.ft of space was let. During the
Chris Pearson
quarter the deals were split 19 deals in Newcastle city centre and 44 ‘out of town’. This has put both sub
sectors on a good footing moving forward. It was a case of improved take up in the city centre with out of town holding up. In terms of rental tone, £23.50 was the best achieved in the city with a wide range of rental levels out of town as a result of locational and size differences. The best buildings are letting well in town for example Gallowgate’s 82,500 sq.ft Time Central where Turner and Townsend
RECORD YEAR A
ward-winning commercial property firm Python Properties has announced it is celebrating a record year for its prestigious Tees Valley portfolio, following a major investment and enhancement project.
The Middlesbrough-based company
has achieved lettings of 60,000 sq.ft of office space in the last year and now averages an 85% occupancy rate within its landmark buildings, with some properties at full capacity, thanks to a £500,000 investment. The enhancement campaign to
revitalise four of its landmark buildings in Middlesbrough has focused on refurbishing existing communal areas, and installing new facilities, services and business zones. In addition to installing break-out spaces, conference and meeting rooms into the properties, which already include art galleries, bistros and manned receptions. The buildings included in the project were Cargo Fleet Offices, The Co- operative Building and Victoria House; with work shortly to start at Royal Middlehaven House. Renowned for its restoration and regeneration ethos, Python Properties has invested more than £25 million pounds in commercial and residential estate in the North.
50
he region’s leading car retail park has completed an expansion which has allowed the addition of over 250 display spaces. Expanding motor business, Motor Depot, recently launched its seventh national showroom at Vroom Car Retail Park, and now work has completed on its new and purpose built 10,000 sq.ft service and car preparation centre. Vroom, which is managed and
T
marketed by North East property firm Bradley Hall, is an eight-acre car retail site located on the Tyne Tunnel Trading Estate which displays 750 vehicles on site across four independent car retailers and associated, service and repair centres. The retail park was purchased and regenerated in a multi-million pound development project by regional investment company Northumberland Estates. Vroom is based on the Tyne Tunnel Industrial Estate, opposite the Silverlink Retail Park, and at the intersection of the A19 and A1058 Coast Road. Laura Walker, estate management
surveyor for the property firm, said: “Vroom has proven to be very popular to traders as it offers flexible business space in an ideal location. It’s visibility is fantastic for passing trade as well as providing an easily accessible location for those travelling to the site.
leased 5,228 sq.ft. They join some outstanding tenants including NVM Private Equity, Wealth Managers Brewin Dolphin and solicitors Muckle LLP. There has also been good activity at the Central Square South refurbishment scheme behind Central Station and Trinity Gardens on Quayside.
Elsewhere in the city centre there is strong evidence of
owner occupier demand improving in prime locations for example the recent sale of 50 Grey St. We have also been marketing an attractive period building for sale of 6,900 sq.ft Gibb Chambers on Westgate Road and have been impressed by the number of enquiries to purchase from office occupiers. The building mentioned in the famous folk song Blaydon Races has superb refurbishment potential.
CAR RETAIL PARK
Out of town activity saw a broad range of regional locations – from Darlington to Stannington, from Wallsend to Hexham. However, Quorum, North Tyneside, saw significant deals to TSG, Zoopla/ZPG and Utility Alliance – 5,646, 6,600 and 13,333 sq.ft respectively. The largest out of town letting was to largest Learning Curve which leased 16,000 sq.ft at Durham Gate, Spennymoor.
GVA PROMOTION
in Newcastle has been promoted to Senior Director. Derick, who
D Derick Jackson
has worked for GVA for 18 years is renowned for being quick to take on new opportunities and ideas, and for his approach with some of the firm’s key clients and projects
including Ares,
Moorfield and Taras Properties. Gerry Hughes, Chief Executive at
GVA, comments: “We are a people-driven business and have built our success on recognising and rewarding talent within our business. It is incredibly important that we invest in our people and maintain an environment that allows people to progress and, ultimately, move up through the business”. Derick was recognised last year for
his voluntary youth work and fundraising achievements with an invitation to the Queen’s Garden Party.
COMMERCIAL PROPERTY MONTHLY 2018
erick Jackson, who heads up GVA’s Property Management department
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