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Flex Office Operator Cubo Acquires Newcastle Site
Leases have been exchanged on the top two floors of Bank House on Pilgrim Street in the heart of the city centre.
Bank House is the first phase of a major new 750,000 ft2 scheme which will incorporate new Grade A offices, including the new HMRC super-hub for the North East region.
The site will also include a five-star hotel, a new public square and a significant destination food and beverage quarter.
The new building marks the first acquisition for Cubo in the North East. The operator will occupy the top two floors of the building, giving members at Cubo Newcastle an unbeatable 360o degree panoramic view of the city's skyline and beyond.
Earlier this year, Cubo announced plans to almost double its footprint nationally by the end of 2023; a growth strategy backed by investment firm Literacy Capital. The flex office provider currently operates in seven locations across the UK in cities including Leeds, Birmingham, Derby, Nottingham, Sheffield and Edinburgh. A new site in Manchester has recently been announced and second sites in Birmingham and Nottingham are set to be launched shortly.
The new Newcastle space will officially open its doors towards the end of the year. There has already been significant interest from a number of corporate businesses.
Commenting on acquiring the Newcastle building, Marc Brough, CEO at Cubo, said:
"Plans to roll-out the Cubo brand nationally continue at pace and we are excited to launch our first flex office space in this fantastic location in Newcastle city centre.
"The space has been meticulously chosen because of the city's rich history, its vibrant culture and the building's city centre location. With its unrivalled location within the exciting Pilgrim Street development, it will be the ideal home for many growing businesses.
"The new space continues our rapid expansion and reinforces our commitment to opening in the very best locations across all the UK's core cities."
Tony Wordsworth, director at Avison Young, said:
"We are excited to welcome our fifth tenant to Bank House and very much look forward to Cubo launching its unique offer later this year.
"Following lettings to DAC Beachcroft, Lycetts, Barclays and Oliver Wyman, over 55,000 sq.ft has been let at Bank House within only three months of the building's launch. Thanks to our deal with Cubo, the building will be able to accommodate a wider range of occupiers and we believe the business is a great fit for Bank House."