Member Article

Multimillion-pound investment delivers two new offices for SMEs at St James Gate

A multimillion-pound cash injection at a Newcastle development has delivered two brand new offices, and a major upgrade of existing office space.

Real estate investment trust, Palace Capital plc, has carried out significant development works at No. 2 and No. 3 St James Gate, near Newcastle Central Station.

Space previously used for retail has been converted into two brand new, self-contained offices - suitable for SMEs.

The new offices have contemporary interiors, with exposed services, are both circa 5,000 sq. ft. and benefit from a highly-accessible and visible location, with their own front doors.

An impressive double-height reception area, revitalised Grade A floor plates and a stunning courtyard plaza have also been created at the development.

The refurbished top (seventh) floor office at No.2 St James Gate, comprises 7,962 sq. ft. and boasts panoramic views of the city. The revamped third floor, which is 10,839 sq. ft., has also been launched – all the commercial spaces are marketed by Knight Frank.

The planned redevelopment of Central Station is set to boost St James Gate further, thanks to the creation of a new western pedestrian entrance which will shave several minutes off the walking-time to and from the offices, from the transport hub.

The improvements at St James Gate are in sync with other major developments taking shape in the south west corner of the city centre, which is an up-and-coming business, leisure and residential district. The nearby Forth Yard and Quayside West developments are soon set to deliver a significant number of new homes, offices, leisure and public open spaces. The £200m Stephenson Quarter development is also just a stone’s throw away.

Dan Davies, Senior Asset Manager at Palace Capital plc, said: “The upgrade and new offices at No. 2 and No. 3 St James Gate is incredibly important in the wake of the pandemic because occupiers, probably now more than ever, are seeking the very best accommodation for their people. We believe this is Newcastle’s most premium Grade A refurbished office space.”

The Grade A offices are some of the very few column-free floor plates in the city. They benefit from ‘WireScore Gold’ rated IT and Backbone Connect fibre infrastructure offering ‘plug and play’ connectivity.

Knight Frank’s building consultancy team has managed the external works which have transformed the courtyard, adding a contemporary walkway with seating and planting.

Knight Frank Partner, Patrick Matheson, adds: “Palace Capital had a vision to reposition the building in the market to ensure it competes with the very best office space in the city. The quality of the refurbishment of No2 St James has certainly achieved that and we are excited to be marketing the two self-contained office suites at No. 3, which offer a different style of workspace with exposed services and their own front door and are perfect for SMEs who are looking for a space with the wow factor.”

Tenants at No. 2 St James Gate include wealth management firm, UBS, Serco, Somerset Bridge and Big Lottery Fund.

As well as being the sole office agent for the offices, Knight Frank also manages the buildings. For information contact Patrick Matheson on 0191 594 5015.

This was posted in Bdaily's Members' News section by Knight Frank .