A Tyneside commercial agent has launched a hunt for an investor to take on the redevelopment of a former cocktail bar — just yards from its own Newcastle Quayside offices.
The chance to convert the five-storey building into offices, a retail complex or revive its leisure use is being offered by Knight Frank as part of the city’s Live Theatre company’s Live Works scheme to rebuild and market its riverside site as a commercial venue.
Grade II listed, the 2,615 sq ft building is being offered as a vacant lease for £45,000 a year. Live Theatre has said it would also consider a joint venture project for the stripped down shell. “Whoever takes on the property they will have a prime site at the very heart of the renaissance of Newcastle Quayside,” said Knight Frank partner, Patrick Matheson.
“Live Theatre is looking for a high quality operator for this well-known address to complement the Live Works office development and its high quality operations that are already present in this stunning location.”
Matheson said the 63 Quayside building was already attracting a good deal of interest, both locally and from national individuals and organisations. “The Quayside has gone through a fantastic renaissance with a number of high quality bars, restaurants and cafes opening and there is now once again a real buzz and vitality in what is a very special location,” he added.
Work has already started on an adjacent £10m Live Theatre scheme to convert another listed property into 14,000 sq ft of new office space. It is the first speculative office development to start on the city’s river frontage for more than seven years.
Designed by Flanagan Lawrence, the Live Works project — which involves the refurbishment of an historic alms house, the only one of its kind in the North of England — will offer individual suites from 1,234 sq ft, but could be sold as a self-contained headquarters building. That office development will be ready for occupation in September this year.
“We are incredibly excited to be involved in both superb schemes,” admitted Matheson. “For someone with vision the transformation of this former cocktail bar would only add to the vibrancy of Newcastle Quayside.”
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