A landmark letting by the Government Property Agency at Bank House has acted as a catalyst for Newcastle’s office market, and picking up the CoStar Impact Award for North East lease of the year from an independent panel of judges on the way.
The transaction helped push office take‑up across the North East beyond 204,000 square feet in the third quarter, with the government again using its departmental requirements to underline renewed occupier confidence in the region.
The deal took the Reuben Brothers-owned building to fully occupied.
About the project: The GPA’s commitment to 35,836 square feet across four floors not only secured full occupancy, but also reinforced the importance of Grade A provision in attracting major public‑sector occupiers.
Bank House has also set a new rental tone for Newcastle city centre. Software development and consulting firm Neptune North took additional space on the sixth floor at a headline rent of £30 per square foot, the highest achieved in the city, further demonstrating the depth of demand for best‑in‑class accommodation. The momentum has contributed to rising average deal sizes and a market increasingly driven by Grade A and fully fitted space.
Bank House, a circa 126,000-square-foot, Grade A facility, is the first phase of a £100 million regeneration project in Newcastle city centre. It has flexible floorplates and is rated BREEAM 'Excellent'. The ground floor also has a 4,500-square-foot reception and informal breakout area.
Other occupiers at the scheme include Cubo, DAC Beachcroft, Lycetts and Cundall. Avison Young and Knight Frank act as joint letting agents for Bank House.
What the judges said: Kevan Carrick, partner at J K Property Consultants, said: “It achieved an impact in sustainability, standards of design, growth and rental level and its award followed.”
They made it happen: Aidan Baker, at the time at BNP Paribas, tenant representation; Adam Lawson, senior surveyor, offices and industrial, Avison Young, landlord representation, and the late Tony Wordsworth, for Avison Young.