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Newcastle’s Adderstone Groups purchases Atom Bank HQ in multi-million pound deal

Newcastle property group Adderstone has snapped up Durham business park the Rivergreen Centre, home to emerging fintech player Atom Bank.

Found at Aykley Heads in Durham, the centre is made up of over 40,000 sq. ft. of office space.

Adderstone Group, one of the North East’s leading property organisations, takes on the site after original developers and long-time owners Rivergreen Developments decided to sell.

Rivergreen, however, will continue to manage the site on behalf of Atom, with Britain’s first digital-only bank recently signing a ten year lease at the development.

Peter Candler of Rivergreen commented: “Having developed and owned the building for many years its sale comes with a certain amount of regret but we will continue to manage the site on behalf of Atom Bank.

“We will also start to consider other major projects that we wish to devote our time and energy to. We are particularly proud of the awards the building has won for its environmentally friendly credentials.”

He added: “It is nice to see the Centre has passed to a responsible local landlord in Adderstone Group.”

The Rivergreen Centre has been hailed for its design and impact and is a former winner of the RICS UK ‘Sustainable Building of the Year’ and has won a RIBA Design Award.

The building uses biofuel and innovative design to keep its environmental impact to a minimum and offers a high speed data network with excellent digital connectivity.

In recent months, the building has undergone small remodelling works, including making it more open plan, carried out at the request of Atom Bank to enable them to move their entire workforce to the site whilst also giving them plenty of room for growth.

Bill Lynn of agents Lambert Smith Hampton who acted for the vendor commented: “There is a shortage of good quality investment stock and we are not surprised to have sold this building so well.

“It proves that good quality stock always has a home and this is one of the best buildings I have sold in my career.”

Adderstone Group CEO, Ian Baggett, concluded: “We are proud to add this award-winning development to our portfolio.”

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