'Largest office deal' in Newcastle completed

Office design news from Morgan Lovell

Published on 24-09-2010

Standard Life Investments has purchased One Trinity Gardens in a multi-million pound deal with the Crown Estate.

In total, the seven-storey premises offers 122,000 sq ft of prime office interior space and current tenants include Faber Maunsell, Royal Bank of Scotland, St James's Place and Dickinson Dees.

Furthermore, the company bought mixed-use development Stockbridge House - paying £49.15 million for the pair of properties. Each of the deals was brokered by GVA Grimley and DTZ.

Richard Turner, investment director of DTZ in Newcastle, commented: "This purchase is Newcastle city centre's largest ever investment deal and Standard Life's acquisition is a significant vote of confidence in the market."

He added that city centre properties of this sort have been the driver for recovery in the market over the last 12 months.

Standard Life Investments is headquartered in Edinburgh and presently works with more than five million clients; it has operating assets that exceed £143 billion.

Posted by Ian Johnson