Monument Real Estate has put a redevelopment investment opportunity in the heart of Newcastle city centre up for sale.
No 2 Cathedral Square is located on the junction between the Cloth Market and the Groat Market, in the Bigg Market.
Last month, Monument secured planning permission for a 135-bedroom serviced apartment/hotel scheme on the site of the 1970s-built office building.
The redevelopment plans include a three-storey roof extension, demolition of a three-storey block on the north side of the building and the replacement of the external facades.
The office space is currently vacant and part of the basement and the ground floor are let to hospitality tenants, including Revolution de Cuba, and generate income of £307,000+ per annum.
Ryan Lynn, partner at Knight Frank, which has been appointed to market the opportunity, said: “This is an exciting redevelopment & investment opportunity for the city, which is seeing strong investment throughout. With planning approved for a large hotel/serviced apartment scheme in a great location, we are expecting high levels of interest. The property lies within the Bigg Market regeneration area, which has seen a multi-million-pound improvement in recent years. We very much look forward to working with our clients on the sale.”
