A leading independent insurance broker is relocating its UK headquarters to the first phase of Newcastle’s Pilgrim Place, after exchanging contracts on 10,000 sq,ft of new office space.
Lycetts has signed a 15-year lease at Bank House, which will see the firm occupy the entire sixth floor of the 14-storey building when construction completes in April 2023.
The insurance broker, risk management specialist and financial services provider, which has 16 offices across the UK, is moving from Milburn House on Dean Street where it has been based for the past 60 years.
The deal is the second Bank House letting to be confirmed within recent weeks. Last month, DAC Beachcroft announced that it had committed to 15,000 sq.ft of space within Bank House which is the first of three offices to be developed at the southern end of Pilgrim Street.
Charles Renwick, Lycetts’ divisional director, said: “The move to this majestic new building will offer us fantastic opportunities to grow our business as we look to the future,”
“Newcastle is a prime location for Lycetts to be based and the company is immensely proud of its North East heritage. There was never any question of us leaving the city, but there has been a need to accommodate expansion and modern working practices. The open plan environment of Bank House will open the door to greater collaborative working.”
Designed by Ryder Architecture, Bank House incorporates a range of features to help reduce CO2 emissions during the building’s lifecycle. The specification includes the use of air sour heat pumps and sustainable technologies to help reduce and monitor energy consumption. The building will also offer 10 charging points for e-bikes together with space for the storage of 80 bikes, a bike maintenance station and shower facilities.
Avison Young and Knight Frank are appointed as joint letting agents for Bank House.
Tony Wordsworth, director at Avison Young, said: “Lycetts’ decision to relocate to Bank House after a period of 60 years at Milburn House is fantastic news. I have no doubt that the move will have a very positive impact on their business and I look forward to seeing them take occupation next year.
“There is a very healthy level of interest in the building which is an excellent position to be in with 6 months to go until practical completion. Demand for best-in-class office space remains strong and Lycetts is a perfect example of a business that recognises the benefits that can come with investing in the right workplace.”
The Lycetts Group, which was founded in 1961, specialises in farm and estate insurance and also bespoke financial services, household, commercial and bloodstock insurance advice.
Property consultancy George F White acted on behalf of Lycetts in their acquisition of the sixth floor of Bank House.