Newcastle property specialist invests £8m in "pivotal location" at Bigg Market
A North East property specialist has announced that it has invested more than £8m in a site in the centre of Newcastle.
Monument Real Estate, based in Newcastle, has purchased 1-2 Cathedral Square in the city’s Bigg Market for more than £8m.
The property, which spans almost 100,000 sq ft, was a 1970s office block, currently tenanted by the secretary of state for communities and local government, Revolucion da Cuba, Co-op Bank and Photoline print services.
Alex Slack, head of special projects at NE1 Ltd, said: “The sale of Cathedral Square is a fantastic North East-led investment story, giving a new future to a building of major significance in the heart of the city centre.
“Cathedral Square is a big-ticket project that has the potential to transform the area and continue the major regeneration of the Bigg Market.
“We are excited to see the next chapter of the building unfold. Throughout NE1’s Bigg Market regeneration programme there have been numerous potential suitors for Cathedral Square, but we are delighted that the buyers include a consortium of local, North East investors who have a focus, interest, and commitment to the wider city and region - not just to the building.”
Tom Wooldridge, executive director and founder of Monument Real Estate, who led the Cathedral Square project said: “Cathedral Square occupies a pivotal location on the Bigg Market and its purchase will be transformational for the property and the wider area.
“It is a prime example of how Monument operates, seeking out and capitalising on value- add opportunities in regional real estate.
“Our local knowledge and understanding of the Bigg Market and Newcastle meant that we recognised the opportunity that Cathedral Square provides, knowledge that was shared by the other North East investors and could be easily communicated to our institutional investor.
“We have watched NE1’s work in the Bigg Market with interest and have seen how private investment and new business growth has followed the transformation of the public realm and the regeneration of the heritage buildings.
“The wider rejuvenation of the area sparked our interest and enhanced the appeal of the property.
“We are now looking forward to making our contribution to the area’s resurgence in fortunes.”
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