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News - 24/05/2018

LSH acquires Eagle Star House in Newcastle on behalf of Lok Developments in £3m deal

LSH advised on the acquisition of the eight-storey, 31,563 sq ft, 1970s-built office building

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Union Property Services has sold the Regent Centre’s Eagle Star House to Lok Developments, the Newcastle upon Tyne-based developer, in an off market £3m deal.

The 1970s, eight storey, building was sold with the benefit of vacant possession with the exception of an existing telecoms lease. Totalling 31,563 sq. ft. the floor areas are each approximately 3,500 sq ft and the building has 47 car parking spaces.

David Robinson in LSH’s Building Consultancy team and Luke Symonds in LSH’s Capital Markets team advised Lok Developments on the acquisition of the property.

“The building is probably better known as the former home of HM Revenue and Customs and the DVLA. Though a strong business location it is increasingly attractive for residential use with one block already advanced through this alternative use,” said David.

“Eagle Star House was granted consent for 78 residential units in August 2017, the floor-plates lend themselves to residential use and Lok Developments have great plans for the building. A detailed planning application is anticipated shortly.”

The Regent Centre, effectively launched as a location through the North British Properties’ office development and Northern Rock’s headquarters, has continued to flourish due to its outstanding communications with a regional bus interchange and Metro links, its library and swimming pool and the nearby Gosforth High Street as well as the adjacent ASDA and M&S food.