Home Business Services £1m investment brings four new tenants and record rent to Enterprise House...

£1m investment brings four new tenants and record rent to Enterprise House on Team Valley

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Knight Frank's Hannah Ives

Knight Frank has secured four new office tenants within three months for a newly-refurbished office and retail complex on Team Valley in Gateshead – smashing the expectations of the landlord, UK Land Estates.

Enterprise House, which comprises five offices on the first floor and seven retail units below, has had a £1m make-over.

Knight Frank, agents for the office space, has secured four new occupiers within three months – including one before completion of the works – leaving only one 1,700 sq. ft. office suite available.

Since the improvements, the offices now command a £14 per square foot price-tag – up from £12 p.s.f.

“Our client UK Land Estates had actually forecast for letting the offices within a two-year period so to have four out of five taken within three months is fantastic. My colleague, Hannah Ives, has done a brilliant job.

“The £1m investment in upgrading the facilities has paid off and the property’s prime location has attracted a lot of interest,” said Partner at Knight Frank Newcastle, Patrick Matheson.

Digital marketing consultancy, Digital Allies; publisher Remember Media; software specialist Genisys Technology Solutions; and wealth managers St James Place are all moving in.

Digital Allies and sister company Remember Media have moved out of separate offices at Rainton Bridge Business Park in Hetton, to co-locate at larger premises in Enterprise House.

Chris March, chairman of both Digital Allies and Remember Media, said: “Our continued growth has meant that larger premises were required and this presented us with the ideal opportunity to co-locate both businesses in the same building.

“We have taken a total of 2,500 sq. ft. which will accommodate the current businesses but crucially allows us room to expand in the future”.

Retail property consultants At Retail are the agents for the retail space.

Knight Frank LLP is the leading independent global property consultancy. Its Newcastle office has a 50-strong team who provide property management, office and industrial buildings agency, building consultancy, ratings and lease advisory and property valuations. The team is very proactive in the market, using its unrivalled access to the latest markets research to ‘know things first’. They are a friendly team, with personality, that deliver a personal service.