Two offices sold at Newburn Riverside in Newcastle

Two out-of-town office buildings at Newburn Riverside in Newcastle have been sold for £6.5m to David Samuel Properties. Waterfront 4 and Riverside House offer a total of 95,947 sq ft of space, with tenants across the two properties including NHS Property Services, Positive Solutions, Intrinsic Financial Services and Belt Technologies Europe. Naylors Gavin Black and Ryden acted for the purchaser, while Savills advised the vendor, a private client. Peter Atkinson, investment director at Savills Newcastle, said: “The North East’s out-of-town market continues to go from strength to strength.” Chris Donabie, partner at Naylors Gavin Black, added: “We have secured these two offices, which were a perfect fit for our client in that they can utilise their strengths in active asset management to add value over the short to medium term.” According to Savills’ most recent report, out-of-town take-up continues to dominate the North East office market, accounting for 77% of regional take-up for the last five years. This is driven by limited supply in the city centre, which has led to an increase in headline rents pushing more occupiers to the region’s out-of-town business parks. To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews Photo © Savills See which agent is doing the most deals in Newcastle with our On-Demand Rankings >>