Greenridge acquires trophy Newcastle office block
The investor has bought The Spark from L&G, paying £31.15m for the 106,000 sq ft asset within the science and tech-led Helix district.
Greenridge Investment Management made the acquisition on behalf of the Greenridge Opportunities LP, with Avison Young working for the buyer on the deal. Savills represented the vendor.
Completed in 2022, the 105,906 sq ft Spark can reasonably be billed as a best-in-class building for the city, occupying a high-profile position on St James Boulevard.
The Spark is prominently located within Newcastle Helix, a £350m, 24-acre development partnership between L&G, Newcastle University and Newcastle City Council.
BREEAM Excellent, the 12-storey building is fully let to five occupiers, including Arden University, the National Audit Office, Leonardo, Nexus and international law firm Womble Bond Dickinson.
Bik Bhuptani, co-founder of Greenridge Investment Management, said: “The Spark is a strong addition to GO. We see a clear dislocation between strong occupier demand for the right buildings and the pricing at which they can be acquired today.
“This is precisely the opportunity the fund is designed to capture. With a diverse occupier base, strong ESG credentials and potential to unlock further value through active asset management, we believe The Spark is well positioned for the long term.”
Simon Beanland, principal at Avison Young, said: “The Spark presented a rare opportunity for our client to acquire a best-in class prime office, with an outstanding tenant line-up.
“Supported by Newcastle’s positive occupational market fundamentals, we believe The Spark will be well placed to benefit from sustained occupier demand and future rental and capital growth.”
