UK: Plans have been approved to transform a city centre building in Newcastle into serviced apartments, with the site now brought to market by estate agency Knight Frank on behalf of owner Monument Real Estate.
No.2 Cathedral Square, in the Bigg Market, is being brought to market following planning approval to convert the 1970s office building into 135 serviced apartments.
Designed by Xsite Architecture, the scheme includes a three-storey extension, new façades, and the demolition of a smaller block on Cloth Market to create pedestrian space.
The building is currently let out to bar and restaurants including Simply Greek and Revolucion de Cuba.
Tom Wooldridge, director and founder of Monument Real Estate, said: “With nearby office developments such as Bank House approaching full occupancy and HMRC’s new headquarters at Pilgrim’s Quarter launching soon, the demand for flexible accommodation in the city centre is set to increase.”
Helen Marks, director at DPP, which represented Monument Real Estate, said: “The scheme will support the wider regeneration of the Bigg Market and the local economy.”
Ryan Lynn, partner at Knight Frank, said: “This is an exciting redevelopment and investment opportunity for the city, which is seeing strong investment throughout. With planning approved for a large serviced apartment scheme in a great location, we are expecting high levels of interest.”
Highlights:
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Plans have been approved to convert No.2 Cathedral Square into 135 serviced apartments.
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Monument Real Estate has brought the Newcastle city centre serviced apartment site to market.
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The scheme includes a three-storey extension and new façades.
