Serviced office specialist The Office Company (North) Limited has acquired the Metropolitan House office business centre in Gateshead with the help of a six-figure funding package from Lloyds Bank Commercial Banking.
Metropolitan House is the first property acquired by the business – a venture founded in April 2017 to provide serviced and virtual office accommodation across the North East and Yorkshire.
As a result of the deal, The Office Company (North) will be creating two new jobs at Metropolitan House to provide on-site support services for the office’s tenants.
The business has also begun renovations on Metropolitan House to upgrade the building’s exterior design, which will bring the business’ total investment in the property, including the purchase price, to £1.5m.
Metropolitan House – the former headquarters of the North East’s Metro Radio – is home to 36 businesses which together employ more than 120 staff.
The property currently operates at a high occupancy capacity, significantly above the national industry average of 80%, and boasts extensive meeting facilities and free parking for more than 100 vehicles, with plans to introduce onsite catering.
Peter Conroy, Director, The Office Company (North), said: “This is the first of a number of properties that we hope to acquire as we look to grow the business across the North East and Yorkshire.
“The building’s previous owner was retiring after 12 years at the helm, and thanks to the support of Lloyds Bank and the expertise of its North East team we were able to jump on the opportunity to secure the business.”
“The fact that Metropolitan House is so well-established and boasts such a high occupancy rate is testament to the property’s attraction to local firms. Its location just a few hundred metres from the A1 and its close proximity to both Gateshead & Newcastle upon Tyne makes it a perfect place to situate a business looking to grow.
“Over the coming months, we’ll be carrying out significant upgrades to ensure that we can offer the best possible services to our tenants, whilst still retaining our identity as an approachable, accessible and independent provider.”
David Gilroy, Business Development Director for the North East at Lloyds Bank, said: “The Office Company (North) is a great example of a local business dedicated to enabling others to meet their own ambitions by providing accessible, flexible working spaces, coupled with outstanding customer service.
“Helping firms capitalise on opportunities for growth is just one part of our commitment to helping Britain prosper, and I look forward to seeing the business take Metropolitan House to new heights.”