Newcastle property specialist acquires £1.8m Newburn office for “cutting edge” renovation
Commercial property specialist Naylors Gavin Black has completed the £1.8m acquisition of an 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 added: “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.”
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