Central Square South, a landmark office building in Newcastle city centre, is set for a comprehensive refurbishment eight months after being acquired in a £12.1m deal. The six-storey building, which houses hundreds of workers, was purchased in February by Martley Capital as part of a trio of properties, including an office in Chester and Matalan's headquarters in Liverpool.
Prime Location and History
Situated near Stephenson Quarter and Newcastle Central Station, the building first came to the market in 2001 and set a benchmark for the city at the time. Since then, it has changed hands several times and undergone numerous refurbishment projects, helping to attract top businesses as tenants, including PwC, HSBC, Sanderson Weatherall, Lumo, Oak Engage, and DWF.
Following the recent acquisition by Martley Capital, a contractor has been appointed to carry out the works, which are expected to be completed next March.
Upgrades and Amenities
Office workers at Central Square South can soon look forward to a new business lounge, a redesigned reception, and a dedicated break-out space, designed to give occupiers and visitors a first impression that matches the quality of the building. All remaining suites, ranging from 2,790 to 4,790 sq ft, will be refurbished and upgraded with new all-electric air conditioning.
Suites for potential tenants will be delivered fully fitted to a high specification, ready for immediate occupation. A brand new cycle storage area, complete with showers and lockers, will also be provided.
Agent and Occupier Demand
Josh Quinton-Smith, director at Martley Capital, said: "Central Square South is a high quality building in one of Newcastle's best connected locations, and we see real potential to build on that. This refurbishment is about giving occupiers the very best experience, from the moment they arrive to the way they use their workspace every day. We're pleased to have appointed a contractor and look forward to delivering the completed scheme next year."
Michael Downey, managing director of Parker Knights, which acts as joint agents alongside Savills, said: "Occupier demand for fully fitted, well-located space is strong, and Central Square South ticks every box. With a prime position next to Newcastle Central Station, an impressive occupier line-up and a refurbishment that will deliver fully fitted suites with excellent amenities, we expect to see significant interest from businesses looking to move in the coming months."
