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How did you successfully reposition an asset nearing obsolescence? 

The office building located on Newcastle Quayside was once a staple of the area's commercial landscape and had been leased for 15 years to a single occupier but had reached the end of its functional life as an office space. The market had shifted, and the building was no longer suitable as office space without significant investment. The building has ultimately been repurposed for a luxury waterside hotel, which has proven to be a more valuable use for the space and suitable for the area. This illustrates how underutilised assets can be revitalised by rethinking their purpose. 

What were the key factors that led to the successful asset transformation? 

Several key elements were involved, including: 

• Extensive consultancy around the building's future and the viability of different potential uses 
  A holistic and collaborative approach involving teams across building consultancy, rating, and agency
• Ensuring the building could be marketed for various uses, which provided flexibility and maximised the appeal for future buyers
• Engagement with the local council for changes in rates and potential use cases
• Working across multiple teams at 博鱼体育集团 Frank to develop a comprehensive strategy that looked at numerous potential uses, coupled with consultancy, flexible marketing, and engagement with authorities, was crucial to the successful repurposing

How did the repositioning process add value to the owners and the local community? 

The repositioning added value by avoiding the costs of fully renovating the building for continued office use, which would have been very costly and far higher risk due to the market conditions of that particular area. By selling to be redeveloped as a hotel, the asset found a new, more valuable purpose. For the community, developing a luxury hotel on the Quayside added a prestigious destination to the area, contributing to local tourism, employment, and the economy. This project prioritised social impact by engaging with local authorities and stakeholders throughout the repurposing process.  

What role did collaboration with stakeholders play in the repurposing process? 

Collaboration with local authorities was critical, particularly regarding rates and the approval process for changing the use of the building. Engagement with the wider Quayside community and stakeholders was also important because of the shared interest in the area's development. 

Working with local councils and community stakeholders ensured a smoother process for repurposing the building and securing the necessary permissions. 

How did ESG considerations influence the repurposing strategy? 

ESG factors were integral to the strategy. Our holistic approach of integrating multiple consultancy teams ensured the building was prepared for various potential uses. This flexibility allowed the asset to meet market needs while adhering to sustainable principles, further solidifying its long-term value and reducing environmental impact. 

ESG requirements and regulations in the office market would have made it too expensive to maintain the building as prime office space. By repurposing the existing structure instead of demolishing and rebuilding, our clients were able to align with environmental goals by reducing carbon impact and supporting the local heritage. By minimising waste and avoiding the environmental costs of new construction, the project underscored the value of repurposing as a sustainable solution. 

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How can our Newcastle team support you? 

With a focus on commercial and residential sectors, sectors, we're recognised as one of the top property consultants in the region and a leader in leasing, management, and investment services. For over 20 years, we've been at the forefront of the North East's most prominent projects, playing a pivotal role in attracting major investments and fostering employment growth. If you're looking for advice on retrofitting commercial property in Newcastle, get in touch with our team to find out more about how we can help.