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.’