Acquisition sees firm property portfolio hit £150m mark

Manchester based property investment and development company Hurstwood Holdings has increased its commercial portfolio to £150m.

The firm has acquired a 100,000 sq ft office building on Quorum Business Park in Newcastle-Upon-Tyne.

Hurstwood acquired the building, which is let in part to call centre operator Sitel, for £4.8m, reflecting a net initial yield of circa 10%.

Hurstwood plans to refurbish the remaining 48,000 sq ft to provide suites ranging in size from 5,000 sq ft – 25,000 sq ft, which will appeal to the local business community.

The four storey building, known as Q4, is situated on one of Newcastle’s prime business parks and is located just 2 miles from Newcastle city centre and 15 minutes from Newcastle International Airport.

Quorum Business Park benefits from excellent local amenities including a Pure Gym and a sports court as well as such as Greggs, Kettlebell Kitchen and Eat.

It is also home to a number of local, national and international businesses including Tesco Bank, Greggs, Engie and Balfour Beatty.

Stephen Ashworth, chairman of Hurstwood Holdings, said: “Q4 is one of our largest acquisitions to date and is one of many properties Hurstwood has invested in over the last 12 months.

“We are confident that our plans to improve the offering in the building and provide flexible accommodation will appeal to the local businesses of Newcastle-Upon-Tyne.”

He added: “This recent acquisition takes Hurstwood Holdings assets to a value of more than £150m across 100 sites nationwide from Edinburgh to Swindon and we are delighted to add Newcastle to our network of cities.

“We pride ourselves on providing a first class service to our 600 plus clients nationwide and are constantly looking for further opportunities as part of our continued growth strategy.”