L&G to sell The Spark
On the market for £34m, the 106,000 sq ft grade A office block in Newcastle’s Helix complex is fully occupied on a multi-let basis.
Marketed by Savills, the building was completed in 2022 and sits in the city’s prime office district, close to Metro and rail links.
The Spark forms part of a 24-acre mixed-use innovation district delivered through a partnership between Newcastle City Council, Legal & General, and Newcastle University.
Arden University took the building to full occupation in February, signing for 27,095 sq ft across the lower four floors with an expected move date in spring.
The asking price of offers over £33,95m reflects a net initial yield of 8%.
The 12-storey building’s sustainability credentials are top-tier, with the property rated BREEAM Excellent, WiredScore Platinum, EPC ‘A’, and powered by an on-site District Energy Centre, a centralised system forecast to save more than 30,000 tonnes of carbon emissions over the next 40 years.
Peter Atkinson, director in Savills Newcastle investment team, commented: “This is one of the very best office buildings in Newcastle offering a hugely exciting opportunity for an investor.
“The strong demand combined with the relative lack of stock in the market and highly restricted development pipeline, means we’ll see both significant and imminent rental growth, as occupiers seek high-quality office space.”
