Earl Grey House gets a £600,000 upgrade
The office building on Newcastle’s Grey Street broke headline rents in the city when it opened six years ago, and now landlord Schroders is investing in new interiors designed by Design North.
Knight Frank has been appointed to project manage the refurbishment of the six-storey, 58,000 sq ft grade two-listed building.
Ben Johnson Interiors is doing the fit-out, which has been designed with a five-star hotel aesthetic.
The ground flor will have a business lounge and break-out facilities added, as well as a new boardroom, meeting romos, a coffee bar, and informal lounge spaces.
Prior to the opening of Earl Grey House, office rents in Grey Street had reached a ceiling of £18/sq ft. Following a revamp of the property in 2018, the rent went to £21/sq ft and today it sits at around £26/sq ft.
Earl Grey House is also the first building in Newcastle to gain a 1* FitWel Certification, making it a market leader for sustainability and occupier wellness standards.
Currently, two 2,000 sq ft suites are available in the building, with the remaining 90% fully let to tenants including Everyman Cinema, Epic Games, Ryder Geotechnical, and Explain Research.
Knight Frank acts as agent on the building, alongside Parker Knights.
Ian Tew, head of office at Knight Frank Newcastle, said: “We know the market very well and have been working closely with Schroders to identify what needs to be done to ensure that the value of their asset is maximised for now, and the future.
“The upgrade meets the evolving needs of office occupiers who are increasingly looking for inspiring, contemporary spaces that promote the wellbeing of their teams.”
Henry Trimmer, asset manager at Schroders, said: “Our continued investment in Earl Grey House will ensure that it aligns with changing occupier expectations and creates an environment that assists businesses with staff attraction and retention.”
