Buccleuch Property secures sale for final plot on the former Tyne Tees TV site

Published on: 16th August 2017

UK property investor and developer, Buccleuch Property has sold a 0.57 acre site, the last remaining plot on the City Road site in Newcastle city centre for £1.7m. The site was sold to JEDS Investments.

Our Newcastle agency team acted on behalf of Buccleuch Property, who purchased the former Tyne Tees TV site in 2007 and over the past ten years has released other plots from the overall 1.7 acre site for development by U Student and The Home Group.

Property developer JEDS Investments has acquired the residual part of the site to transform it into high quality student accommodation in the heart of the city. They have secured full planning consent for the development of a 207-bed student residential scheme and will commence on site later this year.

Sandy Smith, Development Director at Buccleuch Property said, “City Road is a highly attractive site in the centre of Newcastle that has created a variety of opportunities over the past ten years, already including the successful delivery of the 386 bed studio student village and the 30 residential apartments.

“We continue to actively seek new investment and development opportunities of this nature across the UK.”

Robert Patterson, head of our agency team commented, “This development is the last part of the jigsaw for a major redevelopment of the former Tyne Tees TV site. We are delighted to have secured the sale of the site to JEDS Investments and see the continued transformation of the site following on from the previous sales to U Student and Home Group.”

Sanderson Weatherall and Knight Frank acted on behalf of Buccleuch Property,

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Newcastle office market update Q2 2017

View our Newcastle Office Market Update for Q2 2017. Total Newcastle office market take up, including out of town take up, stood at nearly 130,000 sq ft, which was better than expected but reflected a slower market than in the previous quarter with some hesitancy caused by political uncertainty.

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View our Newcastle Office Market Update for Q2 2017.

Total Newcastle office market take up, including out of town take up, stood at nearly 130,000 sq ft, which was better than expected but reflected a slower market than in the previous quarter with some hesitancy caused by political uncertainty.

[fulltext] =>

In the city centre take up stood at 41,105 sq ft across 7 transactions. A small increase on Q1 2017 with the most significant letting being Eldon Insurance acquiring 21,261 sq. ft at St James Gate. The deal takes out the remainder of the vacant space within that office development, showing its popularity close to the Central Station.

At Gateshead Quays, Northern Gas and Power acquired an additional floor within Baltic Place of circa 9,500 sq. ft.

In the out of town market take up was below the previous quarter at 88,190 sq ft across 22 transactions. The principal transactions were a letting to Northumbria Water negotiated by Sanderson Weatherall on behalf of Hilford Developments at 26,000 sq ft at Spectrum 5 taking occupancy at Spectrum Business Park, Seaham to 75%.

In the City of Sunderland, the Tombola Group are building their own headquarters at Wylam Wharf comprising circa 25,500 sq ft.

If you have any questions on the quarterly report then please contact head of agency, Robert Patterson.

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Agency - sales & lettings

Our award winning property agents provide transactional services across the UK to owners, occupiers, investors and developers. Our agency teams specialise in regions and industries around the country, providing local insight and technical knowledge that's relevant to your business, property and location. We add value by offering commercially astute advice, and alerting you to the opportunities and threats that might affect your transaction. We'll also work with our property and building consultants to advise you on planning, valuations, business rates, dilapidations, building surveys, lease and rent reviews, as well as talk to our in house architects about any fit-out requirements.   Contact Us

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Our award winning property agents provide transactional services across the UK to owners, occupiers, investors and developers.

Our agency teams specialise in regions and industries around the country, providing local insight and technical knowledge that's relevant to your business, property and location.

We add value by offering commercially astute advice, and alerting you to the opportunities and threats that might affect your transaction.

We'll also work with our property and building consultants to advise you on planning, valuations, business rates, dilapidations, building surveys, lease and rent reviews, as well as talk to our in house architects about any fit-out requirements.

 

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Consultancy Sanderson Weatherall [secure] => 0 [page_description] => [page_rights] => [robots] => [access-view] => 1 ) [initialized:protected] => 1 [separator] => . ) ) URL: /agency

Investment Agency

Working closely with our clients, Sanderson Weatherall’s investment team has the experience to offer appropriate, accurate and objective advice to help you make investment decisions in the office, industrial, leisure, medical and retail sectors. We have expertise in all of our regional offices providing full national coverage and we pride ourselves on our high quality of service tailored individually by project to our clients needs and always with personal delivery by a dedicated Partner contact. General Services: Acquisitions Disposal Financial Modeling Development Consultancy Appraisals Property Funding Portfolio Analysis Site acquisition & assembly   Contact Us

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Working closely with our clients, Sanderson Weatherall’s investment team has the experience to offer appropriate, accurate and objective advice to help you make investment decisions in the office, industrial, leisure, medical and retail sectors.

We have expertise in all of our regional offices providing full national coverage and we pride ourselves on our high quality of service tailored individually by project to our clients needs and always with personal delivery by a dedicated Partner contact.

General Services:

  • Acquisitions
  • Disposal
  • Financial Modeling
  • Development Consultancy
  • Appraisals
  • Property Funding
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  • Site acquisition & assembly

 

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