Major North East employer Sage plc has put its Newcastle base up for sale forward of shifting to its new house.
Originally designed by Newcastle’s ID Partnership in a £55m mission, Sage’s base at Great Park was inbuilt 2004 and has been its worldwide headquarters ever since.
Its transfer to the constructing, known as North Park, was stated on the time to be key to creating the beating coronary heart of the business, housing and parkland growth.
But the tech large will transfer to 2 buildings at Cobalt Business Park this yr, taking up greater than 200,000 sq ft of area throughout two neighbouring buildings, which have had funding of £40m to create a brand new world-class know-how hub.
The transfer has triggered the sale of its 212,865 sq ft office constructing, which has been positioned available on the market with Cushman & Wakefield performing as brokers.
Based six miles from Newcastle metropolis centre in Great Park, the large constructing is obtainable on a leasehold or freehold foundation – and the property brokers trace that the location might be become housing.
Sage – which owns the land and constructing – revealed in July 2019 that its transfer to Cobalt would end in big further prices to the enterprise, together with a one-off cost of round £60m associated to the accelerated depreciation of the constructing.
North Park sits inside 11.7 hectares (28.9 acres) of land. As nicely as the principle office constructing, the location contains a number of automotive parks and vacant land to the north of the location.
The office constructing is break up into six distant blocks adjoined by inner full height atriums and features a café, restaurant with seating space, health club and leisure amenities.
Whether new house owners will use Sage’s former workplaces in Gosforth as property as office area or demolish it to make approach for a brand new growth is but to be seen, however Greg Davison, accomplice in Cushman & Wakefield’s National Offices staff, hinted it might now present housing.
Mr Davison stated: “The Sage constructing occupies a big website on the outskirts of Newcastle and gives an unrivalled alternative inside the area with a variety of doable makes use of past its present office use, together with residential, assisted residing or mixed-use growth, topic to planning.”
Sage’s new landlord is LCN Euro Property Holdings, a New York based mostly non-public fairness agency, which purchased the Cobalt 23 constructing in a £26.2m deal and Cobalt 22 in an £18.3m deal.
North Park goes available on the market on the day that former Bank of England deputy governor Sir Charlie Bean stated house working is right here to remain and the top of the five-day-a-week office commute will change the form of cities dramatically.
Sir Charlie – now a member of the Office for Budget Responsibility (OBR) and professor on the London School of Economics – predicted companies will undertake a everlasting versatile model after the pandemic, saying few companies will stick with a very distant working model and that almost all will take a hybrid strategy combining house and office.
Many companies have stated they plan to permit hybrid working, with Nationwide Building Society final week saying it should give its 13,000 office staff management to determine the place they work.