Seven-figure move 'will boost city office scene'

A seven-figure investment is set to deliver new city office space.

Real estate investment trust Palace Capital has appointed Knight Frank to manage development work at Newcastle’s No. 2 St James Gate.

Bosses say the 16-week project will upgrade the sixth floor and two ground floor office suites, providing 23,516sq ft of premium office space.

They add refurbished spaces will include all-electric VRF air conditioning and LED intelligent lighting, and be available to let in spring next year.

Naylors Gavin Black and Knight Frank are jointly marketing the new-look offices.

Daniel Davies, Palace Capital head of property, said: “We’re committed to continually investing in decarbonisation to ensure No. 2 St James Gate delivers best-in-class offices with high energy efficiency and lower operating costs for occupiers.” 

Ian Tew, Knight Frank’s head of Newcastle office, added: “Newcastle has a very constrained pipeline of high-end offices, and the upgrade works at No. 2 St James Gate will deliver much-needed Grade A stock to the market.” 

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