One of Newcastle’s most prominent buildings has been sold in a £2.42m deal – with a further six-figure investment also promised by the new owners.
Twenty Collingwood Street, an almost 17,000 sq ft building, is home to popular nightclub Perdu. It also hosts J&B Ins and Standby Healthcare Ltd in the office space above.
The new landlords, a consortium of business people from the North East, will refurbish the common areas, rebrand the building and welcome new tenants over the next eight months.
North East property firm Bradley Hall acquired the building on behalf of the consortium, assisted by Gordon Brown Law Firm and KSM Associates. Richard Rafique, director at Bradley Hall, said: “This is a significant transaction for Newcastle city centre. Collingwood Street has become a hub for hospitality and nightlife as well as a prestigious area to base a company within its various office suites. It is incredibly close to Central Station and is home to some of the city’s most iconic buildings and architecture.
“The acquisition of this building signifies the confidence which purchasers have in our city. Despite uncertainty, substantial purchases are still happening and, as always, our local economy continues to thrive.”