Cathedral Square, Newcastle
- Cathedral Square No1 and No2 are located in the central leisure and commercial district of Newcastle upon Tyne
- The property, on an island site, comprises of approximately 72,000 sq ft of offices on 1st - 6th floors with the ground floor occupied by bars and retail outlets
- The long leasehold investment, which was acquired for circa £3M in March 1999 from Royal and Sun Alliance, was distressed and in need of an active asset enhancement strategy
- The leases on the majority of the offices expired in December 2001 and during 2002 reducing the income from £700,000 p.a. to £150,000 p.a. Major capital expenditure was required to refurbish the offices to a full modern office specification including air conditioning
- The refurbishment of No 2 Cathedral Square, totalling 33,000 sq ft was completed in April 2002. The works included the creation of a new enlarged glazed reception area following the acquisition of various pavement areas from the Council
- No 1 Cathedral Square, measuring approximately 35,000 sq ft was extensively refurbished and let on a new 15 year lease to the Department for Work and Pensions
- Planning consent was achieved for a new piazza at the front of the building overlooking the Cathedral which considerably enhances the visual amenity of the area
- Successful negotiations with Newcastle City Council were concluded to buy out their freehold interest in the property
- Sold to Catalyst in March 2005 for £17.4 million