Central Newcastle building sold in £2.4m deal

A prominent building on Newcastle’s Collingwood Street has been bought by a consortium of local business people in a £2.4m deal.

Situated next to nightspot House of Smith on what is known as the city’s ‘Diamond Strip’ near Central Station, Twenty Collingwood Street is home to bar Perdu on its ground floor as well as J&B Ins and Standby Healthcare Ltd in the office space above.

The buyers, who made the acquisition through local property firm Bradley Hall assisted by Gordon Brown Law Firm, intend to rebrand the 17,000 sq ft building and refurbish its common areas ahead of welcoming new tenants later this year.

Richard Rafique, director at Bradley Hall, explained: “This is a significant transaction for Newcastle city centre. Collingwood Street has become a hub for hospitality and nightlife as well as a prestigious area to base a company within its various office suites… home to some of the city’s most iconic buildings and architecture.”

“The acquisition of this building signifies the confidence which purchasers have in our city. Despite uncertainty substantial purchases are still happening and, as always, our local economy continues to thrive.”