Greenridge Investment Management has acquired The Spark office building in Newcastle from L&G for £31.15m.
The 105,906 sq ft Grade A building, which occupies a prominent position on St James’ Boulevard, was completed in 2022. The Spark is located within Newcastle Helix, a £350m, 24-acre development partnership between L&G, Newcastle University and Newcastle City Council.
The 12-storey building is fully let to Arden University, the National Audit Office, Leonardo, Nexus and international law firm Womble Bond Dickinson.
Bik Bhuptani, co-founder of Greenridge Investment Management, said: “The Spark is a strong addition to GO. We see a clear dislocation between strong occupier demand for the right buildings and the pricing at which they can be acquired today. This is precisely the opportunity the fund is designed to capture. With a diverse occupier base, strong ESG credentials and potential to unlock further value through active asset management, we believe The Spark is well positioned for the long term.”
Simon Beanland, principal, Avison Young, which advised Greenridge on the deal, added: “The Spark presented a rare opportunity for our client to acquire a best-in class prime office, with an outstanding tenant lineup. Supported by Newcastle’s positive occupational market fundamentals, we believe The Spark will be well placed to benefit from sustained occupier demand and future rental and capital growth.”
Savills represented the vendor.
