Union Properties has sold Northumberland House on Gosforth Business Park to an undisclosed owner-occupier for £1.28m.
The 10,688 sq ft, two-storey purpose built office building is located approximately four miles north of Newcastle city centre. The business park is home to occupiers including BT, TSG, Parkdean Holidays, RMT Accountants, Karbon Homes and Danieli Holdings.
Raj Sehgal, director of Union Properties, said: “Our investment strategy was always to invest in good quality office assets across the North East that would stand the test of time. After acquiring the building in 2006, this building has always let well and the disposal of the building to an owner-occupier was not planned, but illustrates the demand for good quality, well-located accommodation.”
Aidan Baker, co-head of Newcastle office at BNP Paribas Real Estate, which acted on Union’s behalf, added: “The Newcastle market is attracting significant occupier interest for its proximity to talent, particularly around the Gosforth area due to access to high-quality housing and excellent amenities.
“This sale is testament to the bias in demand for best-in-class accommodation as employers strive to provide desirable office accommodation, particularly across the owner-occupier market which has seen a number of significant transactions in recent times with an increase in capital values due to the limited availability.”
Avison Young advised the purchaser.
