Riga Baltic Quarter, Gateshead

Case Study

Riga Baltic Quarter, Gateshead

Baltic Quarter (BQ) is Gateshead’s premier office location with around 861,112 sq ft of office accommodation proposed, transforming the urban core economy, providing space for a wide range of occupiers and supporting over 4,000 jobs.

Development Consultancy Leasing Offices Public Sector

Conceived in response to demand for more high-quality workspace in Gateshead, Riga was to provide Grade A offices designed to support the growth of companies in the region. The building contributes to Gateshead Council’s wider ambition to establish the Baltic Quarter as the new ‘innovation district’ in Newcastle Gateshead’s Urban Core.

An Accelerated Development Zone status allows Gateshead Council to retain all Business Rate income generated at BQ when fully occupied, estimated at £5m per annum. Promoting the zone for business uses is therefore important for both economic growth and income generation.

The first phase of development was the construction of a speculative Grade A office building at BQ, comprising approximately 50,000 sq ft. Our team were appointed to advise on the market requirements for specification, size of floor plates and future leasing potential of the building, acting as sole agent.

We were also appointed by the Council to join the design team and act as a development consultant and leasing agent with extensive knowledge and a track record of acting on similar high profile office schemes in the region.

 

Results achieved & added value

Upon practical completion, Riga was fully let, with the first tenants secured by our team only six months after breaking ground.

Our Leasing team brokered terms with Sumo Group plc to lease the top two floors, extending to 16,500 sq ft, to house the local studios of its Sumo Digital and Atomhawk businesses.

The remainder of the building, extending to approximately 33,000 sq ft was leased to Northern Gas and Power to act as their regional headquarters.

We completed the leasing mandate 12 months’ ahead of predicted leasing and thus removed any potential void holding costs.

 

 

Riga Baltic Quarter, Gateshead