Transaction type: Equity / joint venture – asset repositioning
Loan amount: £3.3m
Term: 3.5 years (forecast)
ASK acquired an off-market 42,000 sq ft freehold office in Newcastle in partnership with an experienced asset manager.
Situated near the city’s Quayside region, the building is well-suited to creative and tech occupiers with >4 metre floor to ceiling heights, ample communal space, exposed brickwork and services and excellent natural light.
ASK’s strategy is centred around carrying out a rolling refurbishment to bring the building in line with market expectations, subsequently driving rents to capture the reversion in the market.