One of Newcastle’s most prominent buildings has been sold in a £2.42m deal – with a further six figure investment also promised by the new owners.

Twenty Collingwood Street, an almost 17,000 sq ft building is home to popular nightspot Perdu, with J&B Ins and Standby Healthcare Ltd occupying the office space above.

The new landlords, a consortium of business people from the North East, will refurbish the common areas, rebrand the building and welcome new tenants over the next eight months.

Leading North East property firm Bradley Hall acquired the building on behalf of the consortium, assisted by Gordon Brown Law Firm. Richard Rafique, director at the firm, said: “This is a significant transaction for Newcastle city centre. Collingwood Street has become a hub for hospitality and nightlife as well as a prestigious area to base a company within its various office suites. It is incredibly close to Central Station and is home to some of the city’s most iconic buildings and architecture.

“The acquisition of this building signifies the confidence which purchasers have in our city. Despite uncertainty substantial purchases are still happening and, as always, our local economy continues to thrive.

“The new owners of this building are passionate about providing the very best environment for their tenants and will invest significant funds into transforming the area at the benefit of the occupying businesses and their clients.

“The fourth floor is soon to become available and we are confident that this will let very quickly. There will be up to 2,667 sq ft available and we encourage any interested parties to contact us as soon as possible.”

For more information please contact Bradley Hall on 0191 232 8080 or visit www.bradleyhall.co.uk