Newcastle office investment sold in multi-million pound deal
Sanderson Weatherall and Avison Young have been appointed to market the vacant office suites, following the purchase of Q4 Quorum Business park.
The Manchester-based property investment and development company have boosted the value of their commercial portfolio to more than £150m following the acquisition, which is their first in Newcastle.
The 96,000 sq ft property is currently 50% occupied by call centre operator, Sitel and Hurstwood are currently in the process of significantly refurbishing the remaining, vacant office space.
Investment agent in our Newcastle office, Kevin McGorie commented “We are delighted to be involved in the letting of the vacant office space at Q4, at what is one of the North East’s most exciting business parks. The single floor plates available are some of the biggest in the North East and the planned refurbishment is going to take advantage of the space to create some fantastic office spaces.”
Stephen Ashworth, chairman of Hurstwood Holdings, said: "Q4 is one of our largest acquisitions to date and is one of many properties Hurstwood has invested in over the last 12 months. We are confident that our plans to improve the offering in the building and provide flexible accommodation will appeal to the local businesses of Newcastle-upon-Tyne.
"This recent acquisition takes Hurstwood Holdings assets to a value of more than £150m across 100 sites nationwide from Edinburgh to Swindon and we are delighted to add Newcastle to our network of cities."