Grade II-listed creative-tech hub in Newcastle sold for £6.5m

Property business Metnor Group has sold a Grade II-listed building in Newcastle city centre to investment management firm Vengrove Group.

London-based Vengrove paid £6.5m for the Generator Studios scheme, located on Trafalgar Street.

The building was constructed to house the generating station for the city’s electric tramway before it was transformed into offices in 2002.

It went on to become a hub for predominantly tech and creative-led businesses.

Metnor expanded the site in 2009 with a 26,000 sq ft extension called Generator 2.

Current tenants include comms agency Gardiner Richardson, app developer Hedgehog Lab and tech firm Atlas Cloud.

North East law firm Muckle LLP advised Metnor on the sale.

Keith Atkinson, MD at Metnor Group, said: “Since acquiring the building in 2006, Generator Studios has been a key building in our property portfolio but we felt the timing and opportunity was right to push forward with this sale.

“We’re delighted to have been able to agree the deal and appreciate the efforts of all parties involved to bring the sale to fruition.”

Speaking further, Keith praised the “expert guidance and legal work” carried out by Muckle.

Will McKay, partner in the law firm’s real estate team, commented: “We’re delighted to have helped one of Muckle LLP’s long standing clients complete this deal and wish all parties every success in the future.

“Generator Studios combines beautiful, historic architecture with state-of-the-art facilities and is another development that the North East can be truly proud of.”

BDAILY ARTICLE

 

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