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Build & Sustainability

BNP Paribas Real Estate secures near £1.3 million Gosforth Business Park office sale

A business hub has been sold in a deal worth nearly £1.3 million.

Northumberland House, on Gosforth Business Park, is now in the hands of an undisclosed owner-occupier.

The agreement for the 10,068sq ft base was led by BNP Paribas Real Estate, on behalf of Union Properties.

Aidan Baker, co-head at BNP Paribas Real Estate’s Newcastle office, said: “The Newcastle market is attracting significant occupier interest for its proximity to talent, particularly around the Gosforth area, due to access to high-quality housing and excellent amenities.

“This sale is testament to the bias in demand for best-in class accommodation as employers strive to provide desirable office accommodation, particularly across the owner-occupier market.”

Raj Sehgal, director at Union Properties, added: “Our investment strategy was always to invest in good quality office assets across the North East that would stand the test of time.

“After acquiring the building in 2006, it has always let well.

“The disposal to an owner-occupier was not planned, but it illustrates the demand for good quality, well located accommodation.”

The deal built on BNP Paribas Real Estate’s support to Union Properties on the sale of Allergate House, on Durham’s Belmont Business Park, for £1.35 million.