It’s been a busy few months for Endeavour Partnership’s commercial property department which has recently assisted on the completion of the sale of a multimillion-pound student accommodation site in Newcastle.
Our team advised on the recent sale of Glassworks to Aviva, worth in the region of £6 million.
Glassworks, on Coquet Street in the Ouseburn area of Newcastle, is a new student living complex home to 270 rooms designed to high specifications close to both Northumbria and Newcastle Universities.
Over the past few years, Endeavour Partnership’s commercial property experts have provided Newcastle Glassworks with the necessary legal advice firstly in relation to the off-plan sale by way of long lease to private investors of the 270 individual rooms on the site which comprises of five separate blocks around a private courtyard and, most recently, in relation to the sale of the freehold reversion to Aviva.
Simon Wake, partner and head of the Commercial Property department at Endeavour Partnership said: “The commercial property market has certainly seen a buoyant start to the year. It’s a thriving area for our team as we are assisting on a wide variety of contracts ranging from family-run sites to multi-million pound organisations.
Natalie Kay, solicitor acting on the Glassworks transaction, said: “We have worked with the team behind Glassworks for a number of years, assisting with various elements of their development, and this multimillion-pound sale of the brand new student accommodation is the culmination of a very challenging yet an interesting project. We look forward to working with the team behind Glassworks again on their next development.”
Jason Taylor, director of Newcastle Glassworks Limited, said: “The team at Endeavour has provided high quality advice and services across all of the property transactions involved in the project, and we look forward to working with the team again.”