BNP Paribas Real Estate – the property service and management division of the French bank – has won a contract to refurbish and let office space in the heart of Newcastle’s historic Grainger Town.
The Grey Street property, which has a listed sandstone façade, is owned by Norham House Estates and is part-occupied by the headquarters of the Go-Ahead transport group and the pub and food chain Mitchells & Butlers. The real estate firm will undertake the upgrade and marketing of the remaining 10,000sq ft of office floorspace.
The project includes a full upgrade of the reception and common areas, with the refurbishment completed within the next four weeks. “The high-quality finishes selected by the client will ensure the building is fit for purpose for the next decade,” said Paul Wharton, of the BNP division’s building consultancy team.
All the vacant offices overlooks Grey Street, described by the architectural historian Nikolaus Pevsner as “one of the finest streets in England”. Since its construction in the early 1830s the ground floor of the building has been used as shop premises, a funeral parlour, piano-forte warehouse, caterers, cafe and bank. It is currently leased to a restaurant.
Grey Street, once known as Tyneside financial heart because of the number of banks it contained, is itself part of Newcastle’s Grainger Town conservation area. One of the first protected city centres in the UK, Grainger Town now covers 450 buildings, more than half of which are listed with 29 Grade I and 49 are Grade II listed properties.
“The available office suites, situated on the first and second floors, coupled with the imminent refurbishment, offers rarely available top-quality office accommodation in the heart of the city,” said Aidan Baker, the director of BNP Paribas Real Estate’s Newcastle agency.
“It can be secured individually or as a whole via a new lease or leases for a minimum term of five years,” he added. “The building itself benefits from an unrivalled location on Grey Street, which is widely regarded as one of the finest streets in England, and is in close proximity to the city’s main commercial and café areas.”
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