BNP Paribas Real Estate on behalf of Union Properties has successfully sold Newcastle’s Northumberland House to an undisclosed owner-occupier for £1.28m.
The two-storey purpose built office building on Gosforth Business Park (NE12 8EG), extending to 10,068 sq ft, is the latest disposal from BNP Paribas Real Estate’s Newcastle team who last month announced it had sold Allergate House on Durham’s Belmont Business Park, on behalf of Union Properties, to Umi for £1.35m.
Aidan Baker, Co-Head of Newcastle Office at BNP Paribas Real Estate comments: “The Newcastle market is attracting significant occupier interest for its proximity to talent, particularly around the Gosforth area due to access to high quality housing and excellent amenities. This sale is testament to the bias in demand for best-in class accommodation as employers strive to provide desirable office accommodation, particularly across the owner-occupier market which has seen a number of significant transactions in recent times with an increase in capital values due to the limited availability.”
Raj Sehgal, Director of Union Properties comments: “Our investment strategy was always to invest in good quality office assets across the north east that would stand the test of time. After acquiring the building in 2006, this building has always let well and the disposal of the building to an owner occupier was not planned but illustrates the demand for good quality well located accommodation”
Gosforth Business Park is located on the northern edge of Newcastle upon Tyne, approximately four miles north of the city centre. It is home to occupiers including BT, TSG, Parkdean Holidays, RMT Accountants, Karbon Homes and Danieli Holdings.
BNP Paribas Real Estate advised Union Properties and Avison Young advised the purchaser.
