Leading North East hospitality and leisure business Malhotra Group plc, is to relocate following a £4m purchase.
The family-owned group has strengthened its investment within Newcastle city centre with the purchase of 42-50 Grey Street.
Its aim is to relocate head office staff from its existing city centre sites, at Groat Market and at Scottish Provident House, into the office accommodation on the upper two vacant floors.
The move is expected to take place at the end of the year, following a full refurbishment of all the three, upper office accommodation floors and of the ground floor entrance area.
When complete the building will be renamed Malhotra House and the address listed as 50 Grey Street.
The Group already owns several sites on the famous Regency street – hailed the most beautiful in Britain – including the boutique Grey Street Hotel.
Group chairman Meenu Malhotra said the decision to purchase the site was multi- faceted.
“We have been conscious for some time – particularly as we are extending the construction side of the business – that we are outgrowing our current premises,” he said.
“Not only is the Grey Street site large enough to accommodate our head office staff – which numbers around 60 – but, as we already own several adjacent properties, it seems like a natural move for us.
“It is not only a positive move for the Group but also indication of our continuing commitment to Newcastle city centre.”
Malhotra Group PLC owns some of Tyneside’s most popular hotels, bars and restaurants, along with a portfolio of residential care homes under its Prestwick Care division.
For more information about Malhotra Group plc contact www.malhotragroup.co.uk.