Bank House is a new 110,000 sq ft 11 storey Grade A office building in the centre of Newcastle situated prominently at the southern end of Pilgrim Street over looking the iconic Tyne Bridge. The building was completed in April 2023 and was built by Taras Properties a company owned by the Reuben Brothers.
To acquire Grade A space within Newcastle city centre suitable to accommodate existing departments currently based outside the city centre with a lease expiry in early 2027 of high-quality specification and good green credentials.
The lack of Grade A space within Newcastle city centre meant that leaving the search until closer to the lease expiry, there would be a high risk that no suitable accommodation would be available in the desired location. The requirement was for a well-designed and state of the art building focussed on green credentials, sustainability attributes and staff health and wellbeing. They wanted the opportunity to attract the best staff and for employees to feel safe, energised and occupy a workplace that fosters collaboration, creativity and innovation.
Our Approach
We started the search for new office space Q2 2024 that allowed the opportunity to engage with developer’s on a pre let basis on opportunities both on and off the market as well as engagement on currently available stock.
Using our market insight and understanding of next-generation and smart buildings that are environmentally responsible and offer the very highest sustainability, wellbeing and resilience credentials we were able to short list down suitable opportunities.
Once a shortlist was determined, best terms were worked up on two schemes before the preferred scheme was selected. We then worked to deliver the best market terms for GPA with a deal signed in Q3 2025.
Results Achieved & Added Value For Client
We successful acquired 36,000 sq ft at Babk House over part 2nd, 3rd, 4th and 9th floors.
GPA will be the last occupier in Bank House following occupiers DAC Beechcroft, Barclays, Cundall and Lycetts. Bank House is part of the East Pilgrim Street development, a transformational regeneration project delivering over 750,000 sq ft of new Grade A offices, a new public square, destination food and beverage offer and a new boutique 5* hotel. Other major occupiers that have already committed to space on Pilgrim Street include HMRC (460,000 sq ft) at Pilgrim Quarter and Department for Work and Pensions (175,000 sq ft) at 1 Pilgrim Place.
Bank House is a BREEAM excellent office building and EPC A.
Our knowledge of the occupational market and the opportunities available allowed our client to consider all possible solutions available in the market and select a building that matched their long term requirements on location , specification, staff wellbeing and green credentials.
