27th July 2022

Interest in Bank House ramps up as new visuals released



27th July 2022

Nine months ahead of the completion of the inaugural building in the multi-million-pound transformation of Pilgrim Street, marketing of Bank House has launched this week.

Joint letting agents Avison Young and Knight Frank have released new CGIs of the building, produced by scheme architect Ryder, as interest from prospective occupiers ramps-up ahead of the spring 2023 completion.

Currently under construction at the southern end of Pilgrim Street, on a gateway site into the city centre, Bank House is the first development by Taras Properties as part of the extensive regeneration masterplan along Pilgrim Street and will provide 120,000 sq. ft. of Grade A offices across 12 floors.

The ground floor will comprise a striking 4,500 sq. ft. reception area incorporating informal breakout space and a café with easy access to nearby shops, restaurants and leisure amenities for the hundreds of workers who will be based at Bank House from 2023. Occupiers of the upper floor areas will enjoy stunning 360-degree views across Tyneside, including different aspects of the Tyne Bridge, river and Quayside quarter.

Tony Wordsworth, director at Avison Young, said: “Bank House will offer market-leading office accommodation for businesses looking to invest in our region as well as North East occupiers keen to invest in their workplace. Given its scale and build quality, it will be a significant addition to the city’s office market, at a time when organisations are reviewing how their workplaces support their objectives.

“We are seeing a lot of interest from occupiers attracted by the building’s prominence, unique outlook and energy efficiency credentials. There is a real war for talent in many sectors, particularly in professional services, and the workplace has a huge part to play.”

Last summer Taras Properties secured planning permission for two further office buildings totalling 275,000 sq. ft. which will be developed directly adjacent to Bank House to complete Pilgrim Place, the southern phase of the Pilgrim Street masterplan.

Patrick Matheson, partner at Knight Frank, added: “Bank House will fall within the top 10% of UK new non-domestic buildings in regard to its sustainability. There will be 80 secure bicycle spaces, cycle maintenance station, charging points for electric bikes, showers and changing facilities. Together with the accessibility to public transport – Manors, Monument and Central Station metro stations are all close by – Bank House will go a long way in helping employers recruit and retain talented people as well as attracting staff back into the workplace post pandemic.”

Within the wider scheme, Taras Properties has confirmed plans for the refurbishment of the Grade II listed Worswick Chambers to accommodate a new food and beverage hub, whilst at the former fire station, also Grade II listed, works will commence this year on a hotel conversion scheme.

At the northern end of Pilgrim Street, demolition works are underway to make way for the construction of Pilgrim’s Quarter, a new 463,000 sq. ft office facility for HMRC. Together with a range of public realm improvements by Newcastle City Council, Pilgrim Street is set for a major transformation over coming years.

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