Bigg Market Regeneration Continues with the Sale of Cathedral Square Building
Regional property and investment specialists, Monument Real Estate, have purchased 1-2 Cathedral Square, an almost 100,000 square foot property in the heart of Newcastle’s Bigg Market, at a cost of over £8 million. The company, also based in Newcastle, has been supported by a major institutional fund and consortium of North East investors to buy the building.
Cathedral Square, a 1970s office block, occupies a significant section of the Bigg Market and Cloth Market in Newcastle and its sale is one of the last pieces of the regeneration jigsaw for the area.
Influenced by the multi-million-pound redevelopment of the Bigg Market led by NE1 Ltd, the Business Improvement District for Newcastle city centre, Monument recognised the largely untapped potential of Cathedral Square.
Monument have ambitious plans for the building which was built in the 1970s on the site of the city’s old town hall. The building is currently tenanted by the Secretary of State for Communities and Local Government, Revolucion da Cuba, Co-op Bank and Photoline print services.
Alex Slack, Head of Special Projects at NE1 Ltd said:
“The sale of Cathedral Square is a fantastic North East-led investment story, giving a new future to a building of major significance in the heart of the city centre.
“Cathedral Square is a big-ticket project that has the potential to transform the area and continue the major regeneration of the Bigg Market. We are excited to see the next chapter of the building unfold. Throughout NE1’s Bigg Market regeneration programme there have been numerous potential suitors for Cathedral Square, but we are delighted that the buyers include a consortium of local, North East investors who have a focus, interest, and commitment to the wider city and region not just to the building.”
Tom Wooldridge, Executive Director and founder of Monument Real Estate, who led the Cathedral Square project said:
“Cathedral Square occupies a pivotal location on the Bigg Market and its purchase will be transformational for the property and the wider area.
“It is a prime example of how Monument operates, seeking out and capitalising on value-add opportunities in regional real estate. Our local knowledge and understanding of the Bigg Market and Newcastle meant that we recognised the opportunity that Cathedral Square provides, knowledge that was shared by the other North East investors and could be easily communicated to our institutional investor.
“We have watched NE1’s work in the Bigg Market with interest and have seen how private investment and new business growth has followed the transformation of the public realm and the regeneration of the heritage buildings. The wider rejuvenation of the area sparked our interest and enhanced the appeal of the property. We are now looking forward to making our contribution to the area’s resurgence in fortunes.”
Tom Wooldridge founded Monument Real Estate in 2016 to offer asset management and structured finance for commercial property investors and developers. Monument now works with a wide network of private equity funds, institutional and local investors, focusing on opportunities in regional real estate that support intensive asset management initiatives.
Muckle and Freedman & Hilmi advised the buyer. Knight Frank, TT&G Partners and Fieldfisher acted on behalf of the vendor.