North Tyneside buys civic centre from L&G

The 120,000 sq ft office building at Cobalt Park near Newcastle city centre is occupied entirely by the council, which has exercised its option to acquire the building.

North Tyneside Council was previously tenant at the building on a 35-year lease up to 2042. The sale was arranged by Avison Young, acting on behalf of Legal & General. Terms of the deal were not disclosed.

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The wider park is a popular out-of-town business zone and includes data centres as well as offices. A 6,000 sq ft letting to fire security supplier ABCA Systems was agreed in the first quarter of the year.