PwC’s Newcastle office is relocating from Sandyford Road, which has been its home for the last 25 years.
Advised by JK Property Consultants LLP (JKPC), PwC has taken 24,000 square feet of offices at Central Square South (CSS), adjacent to Stephenson Quarter, a development that is now well underway.
Paul Woolston, office senior partner at PwC in Newcastle, explained the reasons behind the move: “Sandyford Road has been a great office for the last couple of decades but it unfortunately couldn’t meet our current requirements. CCS will give us the additional space we need as we continue to recruit and attract the best talent as well as expand our client base.
“CSS will provide us with the first class accommodation our staff and clients deserve. Its high sustainable environmental standards will also enable us to align ourselves with the other PwC offices in the UK that operate thorough environmental processes.”
PwC is now progressing the substantial fit out of the accommodation, which will be ready by November 2013.
Tony Hordon, director at DTZ, acted for the landlord and said: “We are all delighted with the decision by PwC to take space in CSS, which has been a wonderful home for DTZ for the last five years or so. Meeting the space needs of PwC has been an interesting challenge that has required a series of five transactions including the relocation of both DTZ and another two occupiers. A challenge only made possible with a huge team effort on everyone’s part.”
Kevan Carrick, principal of JKPC added: “Acting for PwC, always a prestigious instruction, underlined the very latest requirements of an office occupier. The challenge in the present market was to find appropriate Grade ‘A’ accommodation in the city centre, at a time when the supply of top quality space is diminishing, with little supply coming forward in the foreseeable future.
“Through our bespoke service, we used market knowledge to look at the total occupancy costs, not just rental level but the whole cost including service charge, business rates and those other costs often occurring in future liabilities within the lease terms and we were able to secure a very favourable deal.”