commercial property lambert smith hampton

News - 21/09/2017

Newcastle transactional team doubles amount of space transacted in the last year

During the last 12 months, LSH's transactional team in Newcastle has increased the amount of space it has sold or let in the city centre by 98.7% a total of over 79,000 sq ft of space across 14 transactions.

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The increase in transactional volumes equates to a market share of nearly 25% and has resulted in the team being recognised as the Third Most Active Regional Agent in Newcastle according to Estates Gazette’s Regional Offices Research.

A contributing factor in the team's increased activity across the region was the sale of the former Open University HQ in the Baltic Business Quarter - a 19,543 sq ft building which was sold to Gateshead Council.

The team has also been involved in several other prominent transactions elsewhere in the North East, most recently with the sale of the Rivergreen Centre in Durham by the Adderstone Group, which marked one of the most significant investment deals of the year.  

Bill Lynn, Director of Capital Markets at LSH’s Newcastle office, commented: “Notwithstanding the continued challenging economic conditions, Newcastle’s commercial property market has remained remarkably resilient. Whilst the EU Referendum result and subsequent snap General Election have certainly made a few pause for thought, the underlying strength of the occupier market has shone through in recent months, underlining the city’s reputation as a thriving business hub.”