Malhotra Group to relocate to new £4m central Newcastle headquarters
A North East hospitality and leisure specialist is set to relocate to a new base of operations in Newcastle city centre.
Malhotra Group is preparing to move into a four-storey building on Grey Street in the heart of the city after purchasing the property in a £4m deal.
50 Grey Street, which will now be known as Malhotra House, is currently home to Italian chain restaurant Zizzi, while the group has agreed to let the first floor to Lloyds Bank on a five-year lease.
Following a full refurbishment of all three upper office accommodation floors and of the ground floor entrance area, the group is expected to move into the building in April.
Malhotra Group owns several sites on the historic street, including boutique venue Grey Street Hotel.
Group chairman, Meenu Malhotra, commented: “Sadly, while the majority of buildings on Grey Street are occupied at ground level, many of their upper storeys have been sitting empty for years.
“By purchasing this site – and others – and occupying them in their entirety, we are breathing new life into them and we are very proud of that.”
Michael Downey, of property consultancy Lambert Smith Hampton, which arranged the lease with Lloyds Bank on behalf of Malhotra Group plc, said: “We are thrilled to secure Lloyds Bank plc as a tenant for our client.
“The rent achieved matches the headline for Grey Street and, when combining this with the strength of covenant on offer, this is a truly remarkable result considering the offices have been vacant for a number of years.”
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