Commercial property specialist Naylors Gavin Black has completed the £1.8m acquisition of a significant office building at Newburn Riverside, which will now undergo a strategic programme of refurbishment works.
The Quadrant, which extends to 26,000 sq.ft. over 3 floors and is already home to a range of tenants including the NHS, has been purchased by IGP Investments Ltd.
The London-based investment company identified the multi-let office as an ideal opportunity to add value by improving the standard of amenities available to occupiers.
The investor has retained Naylors Gavin Black to provide property management, building consultancy and agency services as it looks to attract new occupiers to accommodate 13,000 sq,ft. of vacant space.
Fergus Laird, partner at Naylors Gavin Black said: “We have a successful track record of identifying and securing strategic investments on behalf of IGP. The Quadrant provides an excellent opportunity to reposition a well-established, out-of-town office building to reflect the current marketplace.”
A six-figure refurbishment project to upgrade the amenities at The Quadrant, including the provision of breakout spaces and meeting facilities is set to commence in the weeks ahead.
Harry Black of IGP commented: “We are delighted with this acquisition which is in a part of the world that we know well and are keen to invest in. We are going to create an exciting environment, suitable for the modern-day office occupier, in a building that will offer occupiers cutting edge accommodation that they can move into immediately.”
IGP acquired The Quadrant, which forms part of The Waterfront, from Aegon who purchased the office and industrial scheme from UK Land Estates in 2015 and is now disposing of some of its assets. Savills’ Newcastle office acted on behalf of Aegon in the disposal of the property.
Peter Atkinson of Savills said: “We’re really pleased to have completed this deal for our clients and look forward to seeing the new owners deliver their exciting plans for the building. This deal underlines the investor confidence in the region’s out of town office market.”
Newburn Riverside is one of the region’s leading business parks situated on a 227-acre site situated on the banks of the River Tyne, three miles west of Newcastle city centre.