Hermes Investment Management, the £30.1 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, has secured its first letting at The Pearl in Newcastle following a comprehensive refurbishment of the building.
The Royal British Legion has taken a 10-year lease on the 2,550 sq ft third floor of this iconic city-centre landmark. The lease has been signed on a stepped rent arrangement.
The landmark building offers a total of 36,364 sq ft of space over seven floors, including the 16,602 sq ft Forum, which has been designed to accommodate smaller businesses. The quoting rent is £16 per sq ft.
Benefitting from car parking and excellent public transport links, The Pearl is located in the city centre at the junction of Northumberland Street and New Bridge Street.
Stephen Bradley, Asset Manager, Hermes Real Estate commented: “This letting at The Pearl is a positive indicator of the lettings market in Newcastle and a direct reflection of the occupier-led leasing policy that we have adopted. Our investment in The Pearl has also made it an attractive proposition for the local office market.”
Chris Pearson, partner at Gavin Black & Partners, which acted on behalf of Hermes Investment Management added: “We have had a great deal of interest in this superbly finished building. The extensive refurbishment has delivered exceptional space which includes VRF air conditioning with heating and cooling, high efficiency lighting with automatic controls, Cat 6 compliant perimeter trunking, new double glazed windows with solar control to South and West elevations and a re-modelled main entrance and reception area.”
Hermes Investment Management was represented by Gavin Black & Partners and Knight Frank LLP. Savills acted for The Royal British Legion.
