Asset and property management company, FI Real Estate Management (FIREM), has secured Tyne and Wear’s largest office occupier deal of the year to date with the sale of Gilbridge House in Sunderland city centre.
Hays Travel, the UK’s biggest independent travel agent, has purchased the building, adjacent to Keel Square public space and boulevard, in what represents the biggest occupier deal in Sunderland city centre for the past ten years. Gilbridge House will become home to Hays’ travel operations and 400 staff, currently spread over four sites in Sunderland.
Gilbridge House is a three storey office building originally built in the early 1990s and extending to 36,993 sq ft. Hays’ purchase of the building, unoccupied since HMRC’s departure two years ago, is also the largest take up of office space in Tyne and Wear since Q1 of 2016.
Gilbridge House is located in an area set to become Sunderland Music, Arts and Cultural Quarter (MACQ). The area incorporates the Empire theatre, the Dun Cow pub, the old Fire Station as well as the Magistrates Courts and the former Garrison Fields. The planned quarter is designed to provide a focus for creative talent in the city, forming a hub for creative SMEs as well as offering quality city centre accommodation.
FIREM’s agent on the sale was Aidan Baker, director of BNP Paribas Real Estate. Hays Travel was represented by Mario Jaconelli, director of Lofthouse and Partners.
Rob Melling, Asset Manager, FI Real Estate Management, said: “We are thrilled to welcome Hays Travel to Gilbridge House, in a deal that is excellent news for Sunderland city centre. The presence of 400 staff in this long vacant building is a real positive for the local economy, and Hay’s move can play an important role in the wider plans for this historic area of the city.”
Aidan Baker, director of BNP Paribas Real Estate, said; “Gilbridge House totals approximately 37,000 sq ft over 4 floors having formerly been occupied by HMRC. The disposal provided an excellent opportunity to acquire a modern office building in the heart of Sunderland city centre. We were delighted to broker the deal with Hays Travel and the deal represents the largest occupier transaction in Tyne & Wear this year and the largest deal in Sunderland city centre for over 10 years.”
