Case StudiesSale of Vacant Office Building for Mixed-Use Redevelopment

Sale of Vacant Office Building for Mixed-Use Redevelopment

Just 10 months after being appointed to sell Condercum House, on the West Road in Newcastle, Naylors has completed the sale of the building which is to be transformed into a mixed use retail and residential property in 2019.

When appointed at the start of 2018, the Naylors’ Office Agency department immediately saw the potential in the former Job Centre building for residential development and approached developers and agents with the rare freehold opportunity.

The three-storey self-contained office, most recently owned by Centre West (Newcastle), includes a secure car park for 34 vehicles and came to the market in February with an asking price of £950,000.

The building, which totals 21,841 sq. ft., proved an attractive opportunity to a wide range of prospective purchasers who registered their interest.

Newcastle Developments Ltd. eventually secured the purchase of Condercum House in November after Naylors called for best and final offers from a group of interested parties.

James Fletcher, commercial agency surveyor at Naylors, said: “This property has so much potential, being well-located for the city centre, as well as the A1 and A69.

“The purchaser’s plans for the property appear to fit in well with the local area, which is primarily residential, with lots of local shops,  a college and sports centre all nearby.”

The location and features of Condercum House, such as sliding sash windows, secure controlled access and feature lighting, helped it to exceed its original asking price.  Newcastle Developments now intends to redevelop the building to accomate retailers into the ground floor with new residential accommodation above.

Mr Fletcher added: “We’re very pleased to have been able to ensure that this vacant building will have a bright economic future, providing homes for residents and businesses alike in a vibrant, central location.

“We look forward to seeing the development take shape over the coming months.”

Find out more about the services provided by the Naylors Office Agency by contacting James Fletcher (jamesfletcher@naylors.co.uk) or Jessica Ross (jessciaross@naylors.co.uk).