A North East entrepreneur is set to invest in a transformation of a historic Newcastle building after snapping it up in a £2.4m deal.
Andrew Ward, property entrepreneur and founder of Durham based Workwear Express, has acquired Yorkshire Chambers in Newcastle city centre, a 22,000 sq ft office building based on 112-118 Pilgrim Street.
The historic Grade II listed building was constructed during the Victorian era as the head offices for the Consett Iron Company but is now home to a number of businesses, including Talent 84, Style Training Ltd, Corporate and Commercial Finance, Waugh Moody and Mulcahy Solicitors, Newcastle Housing Advice Centre, and Adjustopen Ltd.
The offices are now set to undergo a six-figure investment in its refurbishment as it becomes the latest project in the regeneration of Pilgrim Street.
Newcastle based Bradley Hall Chartered Surveyors and Estate Agents sold the building to Mr Ward in one of the most significant transactions of the year so far in the city centre.
Neil Hart, group managing director, said: “The purchase of Yorkshire Chambers has become another significant step in the regeneration of our city centre and specifically the Pilgrim Street area.
“This area is set to be a bustling hub for business and hospitality and will inject further life into our vibrant city following a challenging time.
“The refurbishment will create a modern and exciting accommodation for its occupants, and a great environment to use to impress visitors, work collaboratively and create a productive working space.”
Mr Ward said: “I am delighted to be playing a role in the regeneration of an iconic area of Newcastle city centre.
“We are dedicated to raising the standard of the office accommodation and look forward to maintaining our current loyal tenant base as well as welcoming new businesses to the building.”
Bradley Hall will market the remaining available space within the building, which will include 5,250 sq ft across two floors.
