Commercial property specialists Naylors have been appointed to project manage a £1m capital investment project at St. Nicholas Building in Newcastle.
The landmark office building which stands opposite St Nicholas Cathedral is benefitting from a range of improvements, which Naylors say will make it one of the most attractive Grade A office spaces in the city centre.
The building provides 64,175sqft of high specification office accommodation behind a Grade II listed façade. A wide range of tenants occupy space over five floors including Randstad, Nathaniel Lichfield and Partners and the National Audit Office.
Dean Clark, associate director at Naylors explains: “The project will see major investment made in the common areas including new lifts and full refurbishment of the lift lobbies and toilets. We are also carrying out re-modelling works to vacant suites to help accommodate new tenants. Works are already underway and we expect completion of the project by the end of May with the new lifts to be installed later in the year.”
Naylors was appointed as managing agent of St Nicholas Building in June 2015 following its acquisition by a private investor, and the firm’s office agency department is working alongside LSH as letting agents for the building.
Simon Taylor, director and head of office agency at Naylors said: “There is an absence of top quality office space in the city centre so this investment in St Nicholas Building is perfectly timed. The entrance reception was refurbished two years ago to a very high standard, so the latest works will take the remainder of the common areas to a similar standard. Within the past few weeks we have completed the letting of over 8,000 sq.ft to Sir Robert McAlpine. We are also in advanced discussions with interested parties regarding further suites and hope to be announcing more lettings within the coming months.”
The only new speculative office development to have been brought forward in Newcastle city centre in recent years is The Rocket at Stephenson Quarter and Liveworks on the Quayside. Both are fully let with Zerolight taking Liveworks in September and Convergys signing up to the Rocket early last year.