Fergus Trim

Broadoak Asset Management has successfully acquired Stockbridge House on Newcastle’s Quayside on behalf of a client.

The 174,506sq ft property comprises a mix of uses including a 500-space car park, offices and a ground floor restaurant. The building occupies a prominent location in the Quayside area of Newcastle, with access from both Pandon and City Road, adjacent to a remaining section of the ancient city walls. 

That area of the Quayside is already busy and will see a further dramatic increase in visitor numbers when the new Sage convention centre opens its doors

The site was acquired in an off market transaction for an undisclosed sum from London based Praxis Capital who had recently acquired the building together with the adjacent One Trinity Garden from Abrdn.

Fergus Trim, Director at Broadoak says: ‘We were delighted to identify and then acquire this prominent mixed use asset as an off market opportunity. We have identified real opportunities for asset enhancement within the business plan for Stockbridge House, to be implemented over the next few years.’ 

 

Broadoak Asset Management has advised Northumberland County Council on the acquisition of the Keel Row Shopping Centre and adjoining properties in Blyth with a major new development planned for the site including new education, innovation and leisure facilities.

The Keel Row comprises some 58,000 square feet and a 300 space car park. However, like many UK retail outlets, it has been struggling for several years and is no longer commercially viable. The shopping centre remains open until a planned closure in 2024.

The site comprises approximately 3.6 acres and will be brought back into positive use as part of the £90m Energising Blyth regeneration programme to grow, renew and connect the town. The programme is being delivered by Northumberland County Council and funded in partnership through UK Government, Northumberland County Council, North of Tyne Combined Authority and support from other partners.

Councillor Wojciech Ploszaj, cabinet member for Supporting Business and Opportunities, at Northumberland County Council, said: “The acquisition means we can bring forward more development in the town centre including investment in educational, innovation and cultural activities. This will make the town a more welcoming, safe and popular place to visit attracting a wide range of people wanting to work, learn and enjoy all the town has to offer.”

Northumberland County Council acquired the Keel Row from Northumberland Estates. Michael O’Driscoll, commercial property investment director at Northumberland Estates said: “We have owned Keel Row Shopping Centre and car park for several years and despite additional investment into the site and ongoing efforts to market retail units within the centre, there has been a sustained decline in tenancies.”

Jonathan Sykes, Director at Broadoak Asset Management who has worked on the project for some 18 months said: “This was a complicated transaction simultaneously acquiring these adjoining properties and working with the tenants to ensure that the council will be able to secure vacant possession as part of the wider site assembly. We have also sought to encourage retailers to remain in the town centre which together with the proposed redevelopment will help secure the future of Blyth.”

Broadoak Asset Management have successfully assisted Reditum Capital with the sale of the Strawberry Place development site in Newcastle City Centre to Newcastle United Football Club for an undisclosed sum..

Having worked on the mixed use development project for the last 2 years in an Asset Management and Development Management role, Broadoak helped increase asset value through planning enhancements and helping to negotiate the extension of the long leasehold interest from site freeholder Nexus. The new planning permission saw an increase in the number of bedrooms in the proposed hotel to 213, a new rooftop bar, additional retail elements in 2 of the 4 blocks across the scheme, and amended layouts in the two planned residential buildings to meet new fire safety regulations.

Significant portions of the scheme including hotel, office, retail and residential had pre-lease agreements in place, but unfortunately increased build costs and the collapse of the appointed contractor delayed the planned start on site. At this point Broadoak helped the site owner to achieve a successful exit with an enhanced site value.

Broadoak Director Fergus Trim said: ‘Having worked up the development over the last two years it is disappointing that the current economic climate did not allow us to get on site and implement the planning consent. However, it was good to help Reditum achieve a successful exit from the site, and help deliver the sale of the site to the football club.’

Subsequent to the sale, Broadoak have been retained by Newcastle United FC to help them deliver some short term uses of the site, including a new temporary club shop and the new fan zone development.

Tender Proposal for Cost Manager Role

Broadoak Asset Management is acting on behalf of New Writing North as a Development Director for an exciting project. In December 2022 we appointed a Project Manager and Lead Designer and, in line with their procurement policy, we have set out a brief to establish a shortlist of potential parties to be considered for appointment as Cost Manager for this project

The Client
New Writing North is the writing development agency for the North of England. Recognised as a leader in our field they have produced nationally significant work from their base in Newcastle upon Tyne since 1996. They are a charity and an Arts Council England National Portfolio Organisation. In 2019 they were awarded the North East Creative Business of the Year, an award that recognises businesses which demonstrate confidence, determination and innovation alongside commercial success.

Their business model is built on working in partnership and with connections in and out of the region. They work with national broadcasters such as BBC, Channel 4 and Sky Studios; major publishers such as Hachette UK, Faber & Faber, Penguin Random House and HarperCollins and leading higher education institutes to connect talent to opportunity.

Their alumni and networks include award-winning writers, Oscar nominated screenwriters, and many people who have gone on to build successful careers in the creative industries. They were the first regional writing agency, creating an innovative model of working that inspired six other organisations across the country and have consistently led the way in their field.

The Project
New Writing North’s next venture is a new Centre for Writing and Publishing which will be the first of its kind within the UK to bring together a wide range of arts organisations, charities, universities, schools, and the commercial creative industries with a broad and meaningful civic purpose at its heart. The building will enable further growth of activities and partnerships whilst enabling them to build a financially resilient future. It will lever investment and participation from many commercial partners and will help to position Newcastle upon Tyne as a major centre of writing content production both in the North and the UK.

We have been looking at several existing building options in Newcastle city centre and have recently agreed an option to purchase an historic building in need of considerable renovation works to bring it back into an occupiable condition. To help us realise the vision we are seeking to are making various consultancy appointments and we have secured funding to take the project forward, initially to RIBA Stage 3. Subject to further funding, the procured consultants will take the project through to a completed build project. Our intention, at present is to complete a technical design and then a formal contractor process, however, we have not ruled out a design and build procurement approach if the appointed contractor has the necessary design capabilities.

This is a high-profile project, we are looking for proposals from parties who can show a track record in work on public buildings, leisure, retail and preferably the cultural sector and with experience of reporting against the requirements of funders such as Arts Council England and National Lottery Heritage Fund.

Cost Manager

The Cost Manager appointment will be based upon a single stage proposal working and the successful company will work closely with the CEO, Development Director and Project Manager.

As the project location is specific to Newcastle, and we anticipate a need for the Cost Manager to be in attendance on site regularly, proposals received from consultants who are located in the city centre will be treated with preference.

Interested parties must email john.seager@broadoak-am.uk for a copy of the Tender Brief form. Once completed, these should be submitted by email no later than Midday on 25th February to fiona@newwritingnorth.com and john.seager@broadoak-am.uk . Please do not submit any paper copies.

We intend to make an appointment by 11th March with the appointment commencing immediately.

Broadoak Asset Management is acting on behalf of New Writing North as a Development Director for an exciting project. In line with their procurement policy, we have set out a brief to establish a shortlist of potential parties to be considered for two appointments as (1) Lead Designer and (2) Project Manager / Employers Agent for this project.

The Client

New Writing North is the writing development agency for the North of England. Recognised as a leader in our field we have produced nationally significant work from our base in Newcastle upon Tyne since 1996. They are a charity and an Arts Council England National Portfolio Organisation. In 2019 they were awarded the North East Creative Business of the Year, an award that recognises businesses which demonstrate confidence, determination and innovation alongside commercial success.

Their business model is built on working in partnership and with connections in and out of the region. They work with national broadcasters such as BBC, Channel 4 and Sky Studios; major publishers such as Hachette UK, Faber & Faber, Penguin Random House and HarperCollins and leading higher education institutes to connect talent to opportunity.

Their alumni and networks include award-winning writers, Oscar nominated screenwriters, and many people who have gone on to build successful careers in the creative industries. They were the first regional writing agency, creating an innovative model of working that inspired six other organisations across the country and have consistently led the way in their field.

The Project

New Writing North’s next venture is a new Centre for Writing and Publishing which will be the first of its kind within the UK to bring together a wide range of arts organisations, charities, universities, schools, and the commercial creative industries with a broad and meaningful civic purpose at its heart. The building will enable further growth of activities and partnerships whilst enabling them to build a financially resilient future. It will lever investment and participation from many commercial partners and will help to position Newcastle upon Tyne as a major centre of writing content production both in the North and the UK.

We have been looking at several existing building options in Newcastle city centre and have recently agreed an option to purchase an historic building in need of considerable renovation works to bring it back into an occupiable condition. To help us realise the vision we are seeking to make 2 key direct consultancy appointments and we have secured funding to take the project forward, initially to RIBA Stage 3. Subject to further funding, the procured consultants will take the project through to a completed build project. Our intention, at present is to complete a technical design and then a formal contractor process, however, we have not ruled out a design and build procurement approach if the appointed contractor has the necessary design capabilities.

This is a high-profile project, we are looking for to proposals from parties who can show a track record in work on public buildings, leisure, retail and preferably the cultural sector and with experience of reporting against the requirements of funders such as Arts Council England and National Lottery Heritage Fund.

Appointment 1 – Lead Designer

We are searching for an inspiring design practice to work with us to help realise our vision of a building that is home to offices, collaboration spaces, education facilities, retail, cultural and event spaces. This appointment as Lead Designer, will include a fully appointed team of subcontracted (or in house) design disciplines as agreed, with the intention of novating the design team at Contract stage, if appropriate.

The selection process will be conducted in 2 stages.

Stage One: Expression of Interest:

Interested parties must email john.seager@broadoak-am.uk for a copy of the Initial Expression of Interest form. Once completed, these should be submitted by email no later than 5pm on 23rd October to fiona@newwritingnorth.com and john.seager@broadoak-am.uk . Please do not submit any paper copies.

Stage Two: Detailed Proposal:

Following receipt of expressions of interest, we aim to invite a shortlist of a minimum of 3 parties for a 1-hour meeting during the week commencing 1^st November. This meeting will allow us to share more detailed information about our aspirations and will lead onto a request for a more comprehensive fee proposal including consultancy team, and outline design ideas. The exact date for the submission of the detailed proposal is to be confirmed but will be approximately 4 weeks after the initial meetings.

Our intention is to notify the selected party within 2 weeks of receipt of final submissions.

The selected parties must be able to illustrate a track record in multi-use developments, a strong regional awareness and connection, experience in working with heritage buildings, display innovation in tackling access and diversity and climate change priorities as part of the built environment and work closely with a us to develop a comprehensive brief and design to bring this vision to life. As the project location is specific to Newcastle, and we anticipate a need for the design team to be in attendance on site regularly, proposals received from consultants who are located in the city centre will be treated with preference.

Appointment 2 – Project Manager/Employer’s Agent

The Project Manager will be a separate appointment, based upon a single stage proposal and will also perform an Employers Agent role, working closely with the CEO and Development Director. The appointment is intended to take the Client initially to RIBA Stage 4 with the extension of the appointment to include RIBA 5 to 7 once further funding has been secured.

The Appointment will include the following (non-exhaustive) services:

• Help the Client develop their business case and strategic brief
• Advise on the selection and appointment of the professional team (including assistance with the appointment process if required) including agreeing the detailed brief and coordinating the design
• Monitor performance of the professional team
• Organisation of and attendance at Client meetings
• Issuing information and instructions on behalf of the Client
• Advise on chosen procurement route and form of contracts as may be required
• Advising on pre-construction, construction, and post construction processes
• Agree reporting procedures with the CEO
• Prepare monthly, quality, cost and programme reports and advise the Client of any decisions required
• Report to the Capital Sub-Committee and full board of trustees as required.

As the project location is specific to Newcastle, and we anticipate a need for the PM to be in attendance on site regularly, proposals received from consultants who are located in the city centre will be treated with preference.

Interested parties must email john.seager@broadoak-am.uk for a copy of the Initial Expression of Interest form. Once completed, these should be submitted by email no later than 5pm on 15^th October to fiona@newwritingnorth.com and john.seager@broadoak-am.uk . Please do not submit any paper copies.

We intend to make an appointment by the end of October with the appointment commencing immediately.

Broadoak have advised Waypoint Asset Management in respect of the £4.85M pre-funding and acquisition of Station Place at Merchant Park Newton Aycliffe for the Waypoint Government Income Fund.

Station Place will comprise 50,333 sqft of new industrial accommodation within two terraces, sub-divided to provide 10 individual units with shared yard space set over 2.5 acres.

Broadoak’s Jonathan Sykes commented that “this innovative funding structure is a fantastic example of the public and private sectors working together to provide much needed, high quality new stock which will help sustain jobs growth at this key location.”

Station Place is being developed by Merchant Anglo and will form the latest phase of their 65 acre Merchant Park development which includes the 460,000 sqft Hitachi Rail manufacturing facility. Durham County Council have signed up to a 35 year lease over the new scheme and will sub-let the units to individual occupiers.

Construction has started on site with strong demand from occupiers in anticipation of completion in Spring next year.

The £250m Quayside West development in Newcastle , which could bring almost 1,000 jobs to the city, has received the go-ahead from council planners.

The project will transform a 15-acre former industrial site into 1,100 new homes, a 135-hotel, restaurants, shops and commercial space.

Broadoak have been working with Newby and joint venture partner Reditum Capital to bring forward the commercial elements of the scheme.

The brownfield Calders site on Skinnerburn Road, which is a major gateway site in Newcastle, has lain vacant for 20 years.

The granting of the hybrid planning permission will allow the remediation works, site levelling and infrastructure works to progress, including a new access road opening up the site.

Broadoak’s Fergus Trim said “It is great news that this important milestone has now been reached.  Quayside west is a fantastic site, so close to Central Station.  It is a huge site that can deliver a range of uses.”

Broadoak Asset Management, the Newcastle based property asset management company, are expanding with the senior appointment of Jonathan Sykes, one of the most respected property professionals in Newcastle.

Jonathan is a Chartered Surveyor with 32 years’ experience in the property industry specialising in agency and development consultancy across all sectors. As a former Equity Partner of King Sturge he opened their Newcastle office in 2001 and went on to become a Regional Director of International property giants JLL.  He then set up Sykes Property Consultants in 2013 before most recently enjoying a spell as a Director at Lambert Smith Hampton where he joins from.

Jonathan has a wealth of experience and has been involved in some of the largest single property transactions and developments in the North East. He has huge experience in adding value through planning and has acted as an expert witness in this field.  He has a loyal client base with contacts across the public and private sectors both locally and nationally.

Jonathan commented “Having worked closely with Broadoak in the past I have admired their hands on, results driven approach and am looking forward to this fantastic opportunity to promote regeneration and development across the North East.”

Broadoak works in partnership with property owners and investors to generate value. Managing Director Fergus Trim said “We are delighted to welcome Jonathan to the team.  While the market has been fairly subdued this year due to Covid related disruption and uncertainty, we are optimistic about the fundamentals for a strong recovery next year.  Having Jonathan as part of our growing team will enable us to facilitate further growth”

Jonathan becomes Broadoak’s 5^th Director, with a senior team that now has more than 120 years combined professional experience and a number of national awards and accolades, including recently tasting success winning the North East Deal of the Year Award for the sale of Quorum Business Park in North Newcastle.

Broadoak are delighted to have won the Insider Media Property Deal of the Year award 2020 for the sale of Quorum Business Park.

After a long involvement at Quorum from construction, attracting over 30 businesses, implementing a 6-year asset management plan which saw over 6,000 jobs come to the park, we worked with our investors to successfully execute the exit and sale of the asset to Shelborn. The largest real estate transaction in the North East for some time.

The sale to Shelborn was the 4th major investment transaction at Quorum in an 18-month period that saw over 75% of the park change hands. Positive take up and high occupation levels at Quorum have proved attractive to investors from both the UK and overseas.

Insider Media said ‘Quorum Business Park has been one of the most successful business parks in the North East in recent years. It is one of the prime office locations in Newcastle with 6,500 staff working in the 16 Grade A office buildings. It is home to a range of major occupiers including Greggs PLC headquarters, Tesco Bank, Balfour Beatty and Concentrix.

November 2019 saw the sale of the major part of the park when 8 buildings totalling 458,837sq ft were sold to Shelborn for £32m. This was the largest real estate investment transaction in the North East in recent years.

The entry submission highlighted the importance the deal has been for the region, as major investments like this add to the North East’s attractiveness for international funds.’.

The North East Property Awards judges said: ‘One of the most impressive aspects of the deal was that it was done during all of the Brexit uncertainty. It is of massive significance for the out-of-town office market sector, as well as being regionally significant, and is therefore the outstanding deal of the year.’

Fergus Trim, Director at Broadoak said ‘It is great to be recognised for this major sale. This was the largest of a string of investment transactions we helped implement. It took a lot of work top get it over the line in challenging market conditions.’