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Business & Economy

Eagle Star House sold in £3m deal

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.

“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,” says David Robinson, chartered surveyor at Lambert Smith Hampton.

“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.

David Robinson and Luke Symonds of Lambert Smith Hampton advised Lok Developments on the acquisition of the property.