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.’