Adderstone Group Launch 2019 with the Acquisition of Four Commercial Assets
Posted on the 7 February 2019
Newcastle-based property company, Adderstone Group, has kicked off 2019 with the purchase of over £18m of commercial property assets in Newcastle, Gateshead and London.
The Group has added The Fleming Business Centre in Jesmond, the former Baja Beach Club premises on Gateshead Quayside and the site of Buzz Bingo (formerly Gala Bingo) and KFC in Byker to their growing commercial portfolio, as well as Plantain Place, their first commercial acquisition in the capital.
The Fleming Business Centre is a Grade II listed former hospital comprising 31,000 sq. ft of office and leisure space, set in impressive surroundings in Jesmond, close to the Town Moor, approximately one mile from Newcastle city centre. It is already home to a mix of successful commercial and leisure operators including Square One Law, Carraway Finance Ltd and Speedflex UK, the popular high intensity gym supported by footballer Alan Shearer.
Adderstone Group has also contracted to purchase the premises of the iconic former Baja Beach Club, based on the Gateshead banks of the River Tyne. The Group plans to carry out a full refurbishment of the 17,500 sq. ft building with designs to include a striking full glass frontage with spectacular views across the River Tyne towards Newcastle Keep, the Swing Bridge and Tyne Bridge.
The purchase of Buzz Bingo and KFC on Clifford Street in Byker comprises a 3.1acre site including two purpose-built buildings; a 33,300 sq. ft bingo hall and a separate 2,528 sq. ft fast food drive-thru restaurant with car parking provision for over 250 cars.
The Group´s London acquisition is Plantain Place, located in SE1 and is a 5,000 sq. ft mews courtyard with residential apartments above. The purchase marks the Group’s first mixed use acquisition in the capital following the opening of a London office in Summer 2018.
Adderstone Group Founder CEO, Ian Baggett said: "These four very different deals epitomise the entrepreneurial approach our team has to building a quality, diverse portfolio.
"In particular the older members of our team are very excited about the prospect of bringing the world-famous Baja Beach Club on Pipewellgate back to life, albeit in a different guise!"
The acquisitions come swiftly on the back of the Group posting strong profits to year end March 2018 and recent purchases including Gainsborough House on Grey Street in Newcastle, The Rivergreen Centre, Atom Bank HQ in Durham and 7B at Cobalt Business Park, home of Leeds Building Society.For more information about Adderstone Group visit https://www.adderstonegroup.com