Central Newcastle Office Undergoes Refurbishment After Multimillionpound Acquisition

Iconic offices in the heart of Newcastle are set to undergo significant refurbishment following a multimillion-pound purchase.

The Grade II listed building which spans 18-24 Grey Street has been acquired by North East based investment firm Stessa Commercial, an investment company set up by former Utilitywise director Adam Thompson.

Stessa Commercial forms one part of the Stessa group of companies set up by entrepreneur Adam. He launched the Utilitywise energy consultancy firm alongside his father Geoff Thompson 11 years ago, leaving the company in 2014. He now oversees the Stessa Group which has an impressive portfolio of investment properties, including large student accommodation sites and other properties in the region, as well as a leisure division.

The newest investment by the company, which spans seven floors, is set to undergo a significant investment and refurbishment to modernise the property in preparation for new tenants. The offices are currently available to let through leading North East property firm Bradley Hall.

Surrounding occupiers of the building include several national businesses including Royal Bank of Scotland, NRG Recruitment and Sanderson Weatherall, alongside a range of popular retail and leisure facilities playing host to many well-known restaurants such as Harry’s Bar, Las Iguana’s and Browns as well as Grey Street Hotel and The Theatre Royal.

Adam Thompson, Director of Stessa Commercial Limited, said; “We are delighted to bring a number of Grade II listed offices on the iconic Grey Street to the market.

“The offices provide mainly open plan suites over part raised flooring and allow for a variety of configurations including open plan, modular and cellular formations.

“The space is very versatile and would be an excellent location for a number of businesses to create a base. We have already had interest from a variety of different businesses and expect to fill the suites soon.”

The suites, which are available to let separately, boast modern fixtures and fittings, an impressive ground floor atrium, a grand direct street entrance offering access to reception, seating areas and two 10 passenger lifts which serve all floors.

As well as its excellent location for occupiers who enjoy the perks of the city, the property is also close to local transport links including Newcastle Central Station and Monument Metro Station.

The property, which is also managed by Bradley Hall, has benefitted from a recently completed lease renewal and negotiations are ongoing with other existing tenants to extend their occupation.

Neil Hart, Managing Director at Bradley Hall, said: “Thanks to this investment the landlord is set to create an attractive office space for prospective tenants. Its location is fantastic with excellent transport links and a well presented interior and exterior.

“The landlord is also set to reduce rents, making it excellent value. We don’t expect the property to be vacant for very long as many businesses are looking for a presence in the city centre, especially in such a popular location as Grey Street.