Home Finance & Investments Picton Manor redevelopment sells fully let for £5.11m

Picton Manor redevelopment sells fully let for £5.11m

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Tyneside Group Ltd MD, Robbie Kalbraier, outside Picton Manor which recently sold for £5.11m

Tyneside Group Ltd, alongside the St. James’ Central Investment Group, ended 2018 on a high with the completion and sale of their latest property, Picton Manor, for £5.11m.

The property, located on Ellison Place in Newcastle, comprises of 11 residential flats and three office spaces, including Tyneside Group’s own headquarters. The sale completed on 21 December 2018, after a substantial 15-month redevelopment that commenced when planning was received in June 2016 and completed with first occupation of the properties in September 2017.

The redevelopment included a large 5-storey extension and extensive structural work, in order to transform the site from its previous commercial use as office space for Northumbria University.

Speaking about the development, Robbie Kalbraier, Managing Director at Tyneside Group Ltd, said: “The development of Picton Manor has proved popular with investors and tenants alike and this is very much reflected in the sale price and occupancy levels. The whole team are very proud of the work we completed, taking an aging and worn building and regenerating it to produce an eye-catching, modern property.

“I believe a driving factor behind the success has been the design and layout of the flats, creating a spacious environment with a homely yet luxurious feel, providing something far beyond what you would find in many of the city’s new build blocks. This means that the flats are not restricted to students and can instead accommodate all types of residential tenants, resulting in the scheme being particularly attractive as a low-risk investment option.”

Tyneside Group utilised the services of local architect MawsonKerr Limited on the project. Director Will Mawson agrees on the appeal of the living space, commenting: “From the outset the brief was to create a contemporary residential experience of self-contained apartments, instead of the more traditional student builds, which tend to focus on smaller rooms and larger communal areas.

“The central location, directly across from several Northumbria University buildings, means that the development works for both; students wanting a premium living experience and young professionals looking for a stylish city base.”

Several local businesses were involved in the development of Picton Manor. In addition to MawsonKerr, structural and civil engineering group James Christopher Consulting, Quantity Surveyors Thornton Firkin and investment agent Johnson Tucker, all played pivotal roles. On site, the particularly challenging location of the property also required extensive Health and Safety consultation and advice from The Way Forward North East Limited.

Managing Director for The Way Forward, Dave Clough, said: “The location of the site, being close to one of the city’s busiest roads, attached to a listed church and directly opposite the university campus, with masses of day to day foot traffic, was certainly a challenge! We worked closely with the team at Tyneside Group to ensure all health and safety challenges were factored in as work progressed.”

The sale of Picton Manor follows a previous success in 2018 for Tyneside Group Ltd, when earlier in the year it completed on the sale of 5-8 St. James’ Street. This development, again carried out alongside the St. James’ Central Investment Group, consisted of 12 residential flats spread across four elegant Georgian Terrace buildings. This sale completed in April 2018 for £3.8m.

The company also recently placed second in the Ward Hadaway Fastest Growing Small Business awards 2018 and fourth in the overall Fastest 50 2018 list.