Major pre-letting secured at Pilgrim Place 1 Building
Visitors to the Pilgrim Street area of Newcastle will have noticed the recent arrival of two tower cranes working on the construction of Pilgrim Place 1 + 2 buildings adjacent to the first phase Bank House building, which kick started the Pilgrim Street regeneration and is now 75% let.
Global real estate firm Avison Young has today [30 Jan. 2025] confirmed that a major pre-letting has been secured of the Pilgrim Place 1 building which will extend to 173,245sq ft (NIA) over 9 storeys.
In what is undoubtedly great news for the city, the Ryder Architecture designed Pilgrim Place 1 will be occupied by a DWP Service and Support Centre, which is expected to open in 2027. The letting will increase footfall and further enhance the vitality and viability of the nearby city centre retail core.
The adjacent Pilgrim Place 2 building (90,000sq ft), is being developed and marketed as speculative Grade A office accommodation by the developer Reuben Brothers (Newcastle) Ltd. The overall scheme will incorporate a plaza, public realm improvements and car parking. Bowmer and Kirkland are the main contractor.
Avison Young acted for Reuben Brothers (Newcastle) Ltd and BNP Paribas acted for DWP in respect of the pre-letting of the building.
Tony Wordsworth, Director, Avison Young adds: “This major letting represents a tremendous vote of confidence in the strength of the Newcastle city centre office marketplace. The earlier speculative construction of Bank House brought forward high-quality Grade A office accommodation, which is now 75% let to a wide selection of professional and corporate occupiers.”
He adds. “The developer, ourselves and joint agent, Knight Frank are keen to secure occupiers for the Pilgrim Place 2 building, which will complete the Pilgrim Place element of the comprehensive regeneration scheme.”
Chris Turnbull, Principal, Avison Young who is project managing the development says. “There are already good signs of progress on site with the two tower cranes supplying the emerging cores of both buildings which, when complete in 2027, will procure the comprehensive development of Pilgrim Place, the southern block of the Pilgrim Street Regeneration Area.”
