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Legal & General (L&G) has appointed Savills to sell The Spark, a prime office block in Newcastle’s Helix quarter, seeking offers over £33.95m.
The Spark, Newcastle Helix
A sale at the asking price would reflect a net initial yield of 8%, and Savills said a deal would set a benchmark for best-in-class offices in the region.
The Spark has 105,906 sq ft of workspace over 12 floors and is fully occupied by multiple tenants on reversionary rents. Savills said there was high potential for rent increases.
The building became fully let in February, when Arden University took 27,095 sq ft.
Built in 2022, the property has BREEAM ‘Excellent’, EPC ‘A’ and WiredScore ‘Platinum’ ratings.
Located at the heart of the Helix city quarter, the building forms part of a 24-acre mixed-use innovation district developed by a partnership between Newcastle City Council, L&G and Newcastle University.
Peter Atkinson, a director in Savills’ Newcastle investment team, said: “This is one of the very best office buildings in Newcastle, offering a hugely exciting opportunity for an investor.
“Strong demand, combined with a relative lack of stock in the market and a highly restricted development pipeline, means we’ll see both significant and imminent rental growth as occupiers seek high-quality office space.”
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