Member Article

Newcastle Building Society purchases Cobalt premises

Newcastle Building Society has purchased its premises at 21 Cobalt Park in North Tyneside for an undisclosed price from Highbridge Properties.

The purchase comprises 99,294 sq ft of grade-A office accommodation on a prime site on Cobalt Park and will provide additional space for the Society, which created 118 new jobs last year, to grow further.

The purchase means that Newcastle Building Society will become landlord to Hewlett Packard, with which it currently shares its Cobalt premises.

Andrew Haigh, chief executive, said: “The purchase of our Cobalt base reflects our commitment to North Tyneside and the region, and with the potential to create even more jobs, is great news for local employment.

“We’ve operated from Cobalt for the past nine years; it’s a great place to work and we want to be here for the long term and to continue to invest in and grow our business.”

Garry Ward, director of Highbridge Properties, said: “We are proud to have played a small part in helping Andrew and his team with the continuing success story of Newcastle Building Society, the first tenant to occupy the southern part of Cobalt, and are delighted to have sold the building to an existing occupier.”

The news comes after Newcastle Building Society revealed strong profit margins for the year, as featured in Bdaily earlier this week.

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