Newspaper article The Journal (Newcastle, England)

The Cranes Are Back; Commercial Property: Focus on Office Trends after a Relative Lull in the Office Development Market in Newcastle City Centre 2007 Will Witness a Return of Cranes to the Horizon, Says Storeys:ssp's Neil Osbourne

Newspaper article The Journal (Newcastle, England)

The Cranes Are Back; Commercial Property: Focus on Office Trends after a Relative Lull in the Office Development Market in Newcastle City Centre 2007 Will Witness a Return of Cranes to the Horizon, Says Storeys:ssp's Neil Osbourne

Article excerpt

Byline: Neil Osbourne

A VARIETY of factors, including planning delays, has meant that a number of schemes have been on the drawing board now for some while.

Fortunately consents have now been granted for several schemes which means that some major new developments will come online in the coming 12 months with a supply of new space available for occupation next year and 2009.

Much of the development activity will be centred around the top of St James' Boulevard and Gallowgate and Newcastle Quayside with a further major scheme planned for the Hay-market Metro Station.

On St James' Boulevard, Hanro now have consent for their mixed-use scheme behind the Strawberry Pub where The Institute of Directors have agreed to take 100,000sqft of accommodation and a new hotel.

The theme of mixed-use development runs through the majority of the new schemes proposed in Newcastle.

Liverpool-based developer Downing Developments is due to submit its planning application for a 700,000sqft development on the former Scottish & Newcastle Brewery Site.

Away from the Quayside and St James' Boulevard, a major new scheme will commence in March of this year at Haymarket Metro Station.

Closegate Developments will redevelop the station complex to include shops and a restaurant and 30,000sqft of new offices. storeys:ssp are sole letting agents on this scheme.

Recently in Newcastle a number of major lettings prior to the completion of developments have been agreed.

This includes lettings to Robert Muckle and Wise Speke at Terrace Hill's Time Central. The two professional firms will between them have taken 80,000sqft.

This is a relatively new trend in Newcastle which has been assisted by the high quality of computer generated images and animation now available to show potential tenants the quality and layout of office accommodation proposed before a scheme is completed. This is a useful marketing tool which was not previously available.

The lack of supply and the continued high level of demand, with over 500,000sqft of office inquiries unsatisfied, has also meant that tenants are faced with a shortage of options in their search for new high quality accommodation. …

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