Three months after it was sold to a private investor for close to £13m, Naylors has been hired to manage and let one of Newcastle’s most prestigious office buildings.
St Nicholas Building — which combines an impressive Grade II listed façade with 64,175 sq ft of high quality office space — was first offered for sale in 1997 following a £10m redevelopment project. The Victorian block was sold again this February to an anonymous buyer.
Naylors Chartered Surveyors, one of the largest independent property consultancies in the North-East, will now take over the day-to-day running of the building opposite Newcastle’s St Nicholas Cathedral and just yards from the city’s central station.
The historic building has seven tenants over five floors including Thompsons Solicitors, American Express and the National Audit Office. Naylors office agency has been appointed as joint agent, alongside Lambert Smith Hampton, to initially market a 6,700 sq ft office suite on the third floor.
Property management continues to be one of Naylors’ busiest departments with an expanding portfolio of more than 90 managed properties stretching from Aberdeen to England’s south coast. “We are very pleased to be able to add St Nicholas Building to our extensive management portfolio,” commented Angus White, the firm’s head of asset management.
“We worked closely with the purchaser’s team during the acquisition of the building, providing due diligence advice. Our involvement from an early stage has enabled us to take the instruction over with a good level of knowledge about the building and its management.”
Situated in the heart of Newcastle’s Grainger Town, St Nicholas Building was designed by William Parnell and completed between 1859 and 1860. For much of the 20th century it was one of the city’s biggest office blocks and almost exclusively occupied by insurance companies and law firms.
In the early 1990s it was upgraded with the aid of an urban development grant by London property magnate, Harry Hyams. The work eventually finishing in 1997.
“Grade A office space in Newcastle city centre is in short supply and the key attraction of St Nicholas Building is not only the high quality specification of the offices and reception area, but also its close proximity to Newcastle’s central station and the leisure amenities the city has to offer,” said Naylors’ head of office agency, Simon Taylor.
“The 3rd floor suite would suit a good range of occupiers, particularly a company looking for an open floor plan arrangement.”
Story: Cliff Goodwin
Photo: Naylors Chartered Surveyors
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