Newcastle’s No2 Cathedral Square hits the market
Knight Frank is the sole agent on the five-storey Bigg Market former office building, which has permission to be converted into 135 short-stay apartments.
Xsite Architecture and DPP Planning led on that project, with full works including a three-storey roof extension, demolition of the three-storey block on the north side of the building, and the replacement of the external facades.
Permission for the scheme was granted in June.
Owner Monument Real Estate is now looking to offload the asset, which earns around £307,000 per year.
Located on the junction between the Cloth Market and the Groat Market, the property is vacant apart from the basement and ground floors, which are let to hospitality tenants such as Revolucion de Cuba.
Ryan Lynn, partner at Knight Frank, said: “This is an exciting redevelopment and investment opportunity for the city, which is seeing strong investment throughout.
“With planning approved for a large hotel/serviced apartment scheme in a great location, we are expecting high levels of interest.
“The property lies within the Bigg Market regeneration area, which has seen a multi-million-pound improvement in recent years.”
