Property firm Adderstone Group has carried out a refurbishment of its latest acquisition on Newcastle Quayside ahead of welcoming its newest tenant.
The Newcastle firm has struck a deal with property consultancy Lambert Smith Hampton (LSH)that will see the firm move into its Grade A office space in St Ann’s Quay.
LSH will join businesses including Knight Frank, Qubic Tax Limited and The Crown Prosecution Service (CPS) in St Ann’s Quay, the prominent 32,000sqft office which Adderstone Group acquired for a multimillion-pound sum from an Irish investment trust in June 2021.
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The 10-storey building is the tallest structure on Newcastle’s Quayside and was originally developed by Robertson Group in 2004 as part of the Tyne and Wear Development Corporation’s Quayside regeneration.
The building also includes 92 residential apartments, arranged over the third to 10th floors.
As part of the deal Adderstone Group also acquired St Ann’s Car Park, with 238 spaces based at rear of the building on St Ann’s Street.
Following a comprehensive refurbishment, the office suites and their terraces to the lowest three floors now have Grade A space.
Ian Baggett, founder and CEO of Adderstone Group, said: “We have never known such strong demand for well-located, quality, energy-efficient space with access to open air.
“Outdated, inefficient stock increasingly faces obsolescence. This is a good thing for the region and the market in general.
"We are delighted to have secured such a prestigious firm as our latest tenant at St Ann’s Quay.”
Richard Wilson, head of office at Lambert Smith Hampton, said: “With the expiry of our Grey Street lease, we decided we wanted more than just an office, so our search was for somewhere our staff could be productive, creative and happy.
“We looked closely at our needs, recognising how our working lives have evolved over 2020 and 2021. Having fine-tuned exactly what we wanted, we found the perfect space in Adderstone’s St Ann’s Quay.
"We are working closely with Adderstone on a gutsy, cool Cat A fit-out and the entire team at LSH is so excited about spending our working days with one of the best backdrops of any office in the UK.”
