Stessa Commercial Limited, a commercial property investment start-up, owned by investor and entrepreneur, Adam Thompson, has completed the acquisition of a prominent office block on Newcastle’s Grey Street in a multi-million-pound deal.
The Northumberland-based company has acquired 18-24 Grey Street, with the assistance of Hay & Kilner Law Firm. The property is a Grade II landmark listed building arranged over seven floors and is currently home to leading Chartered Surveyors, Sanderson Weatherall. With three suites available to let, Stessa Commercial expects strong take-up from a variety of businesses, from local start-ups to national firms.
Adam Thompson, Director of Stessa Commercial Limited commented:
“We are delighted with the acquisition of this well-known office block on Newcastle’s iconic Grey Street, in the heart of the city. Grey Street is the ideal location for businesses given its close links to major roads and local transport. The office suites we have available offer predominantly open plan suites over part raised flooring and allow for a variety of configurations including open plan, modular and cellular formation. We have already had interest from a variety of different businesses and expect to fill the suites soon.”
The Stessa Group of companies has an impressive portfolio of investment properties including large student accommodation sites and other properties in the region.
Chris Anderson, Associate Solicitor at Hay & Kilner, acted as lead legal advisor to the management team at Stessa Commercial Limited. He commented:
“I have worked with Adam for a number of years and it has been great to work with him again on this acquisition. This is the first large office investment for Stessa Commercial Limited and what better place to start than a building with a stunning Georgian facade in one of Newcastle’s most prestigious and well-known streets. I am very pleased and grateful to have been able to advise Adam in this matter and I look forward to working with him again.”
Chris Anderson handles all aspects of commercial property work and is regularly involved in acquisitions for investment and operational purposes for a range of clients.
Established over 70 years ago, Hay & Kilner is one of the region’s leading law firms, offering a full range of legal services to businesses and individuals.