A Newcastle office building has been purchased in a £1.5m investment to create further opportunities for the region’s start up and small businesses.
Over 17,000 sq ft of office space has been purchased by a North East based syndicate of property investors, assisted by KSM Associates, at Asma Court, Newcastle Business Park. The investors were supported by Bradley Hall Chartered Surveyors and Gordon Brown Law Firm in acquiring the building.
The building, which is currently known as Scotswood House, is set to undergo a major rebrand as well as a refurbishment by Ultimate (Commercial Interiors) Ltd as part of the investment. Once complete, the building will have a capacity of 160 workers with 100 parking spaces.
Kourosh Manoucheri from KSM Associates said: “It is vitally important for us to support the region’s start-up businesses by providing flexible office space. The North East continues to create many successful entrepreneurs and SMEs which provide outstanding services, products and jobs for local people. The centre will not only create a place for people to work, but also a platform for a lot of businesses to thrive.
“Rents are set to be competitive and fully comprehensive, including everything from renting the desk space to parking and even down to photocopying. We know how important financial planning is for start-ups and want to do all we can to provide the best environment for our tenants with no hidden costs.
“The refurbishment has already begun and we’re looking forward to welcoming a range of tenants from a number of industries.” Richard Rafique, director at Bradley Hall said: “We were delighted to once again work with KSM Associates in another acquisition. This particular project utilised the full-service Bradley Hall approach, from sourcing the building to negotiating the purchase, providing a building survey as well as lettings and property management.
“The investors are set to create a fantastic and flexible space which is ideal for the region’s micro businesses, small enterprises and growing organisations. We were delighted to once again support the company in an acquisition and are looking forward to marketing the spaces.”
John Morgan, partner at Gordon Brown Law Firm said: “We have again enjoyed working with KSM Associates and the investors they work with in completion of what was at times a challenging acquisition – it has been necessary to deal with some unusual legal issues in order to achieve completion of the purchase and we will continue to work with Bradley Hall to assist tenants looking to make a move into what will be an exciting new space.”