19th October 2022

Lycetts heading to Bank House after 60 years on Dean Street



19th October 2022

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.

Related Content

More articles

5-minutes with: Rebecca Brough of Cubo

We recently caught up with Rebecca Brough, co-founder and CMO at Cubo, the leading flexible workspace provider which launched its first North East site here at Bank House in November. Find out what Rebecca had to say, including what Cubo has to offer customers here in Newcastle.

Law firm chooses Bank House for new HQ

Growing commercial law firm JLF has announced plans to move to the top floor of Bank House later this year. The firm is set to take space with Cubo and says the move underlines its confidence in the North East and will be the perfect platform for further growth.

Knights set for North East growth from flagship office at Bank House

2024 has started on a very positive note here at Bank House with news of another letting. Leading professional services business Knights will soon take occupation of over 5,300 sq.ft of Grade A office space to accommodate its team of 40 here in Newcastle.

Bringing people together in a world of hybrid working

Hybrid working has changed how we use office space. Once solely a place of work, in 2024 offices should provide the optimum environment to connect staff, attract talent, inspire people and help forge a strong company spirit. In our second article looking at how Lycetts has adapted to life at Bank House, we find out how the building is supporting the firm’s new working patterns.

How Bank House boosts both productivity & people

Its safe to say that moving to Bank House earlier this year has transformed the way that the Newcastle office of Lycetts works. The impact on the insurance broker and financial advisory firm’s people has been significant. Read on to find out more….

Forward-thinking office design supports new occupiers

In our second article looking at the impact of DAC Beachcroft’s relocation to Bank House, we have been talking to Sarah George and Carol Venegas to find out how the building is supporting active travel options and more flexible working patterns.

Cubo launches at Bank House

Expanding flexible workspace provider Cubo is officially open for business after launching their first Newcastle operation within the top two floors of Bank House, in the heart of the city centre.

Bank House – supporting work, rest & play, whatever the role

Six months on from their relocation to Bank House, we have been chatting to two members of DAC Beachcroft’s Newcastle team to find out how their new workplace is supporting the firm’s flexible approach to working.

Flex office operator commits to Bank House

Leading flex office provider Cubo has continued its drive into the north of England with the acquisition of a new 20,000 sq. ft workspace in Newcastle city centre.

Latest letting marks official launch of Bank House

Newcastle city centre’s new multi-million-pound Bank House office complex has officially opened with news that it has secured a third occupier.

Andrew Simmons appointed as Building Manager at Bank House

Meet Andrew Simmons, our newly appointed Building Manager and the man responsible for overseeing the maintenance, operations and security of Bank House.

5-minutes with: Nicola Fairbairn of DACB

In September we announced that international law firm DAC Beachcroft had exchanged contracts to become the first tenant of Bank House. DACB will soon be taking occupation of 15,000 sq.ft. over one and a half floors and we have been talking to partner, Nicola Fairbairn to find out more.

5-minutes with: Charles Renwick of Lycetts

Ahead of Lycetts’ relocation to Bank House this summer, we have been chatting to Charlie Renwick, to find out what it will mean for the business after 60 years at Milburn House and the firm’s 100 staff who are based in Newcastle.

Lycetts heading to Bank House after 60 years on Dean Street

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.

5-minutes with: Paddy Matheson of Knight Frank

Knight Frank and Avison Young are working together as our joint letting agents at Bank House. We have been talking to Knight Frank’s Paddy Matheson to find out what is happening in the office sector and how Bank House will be able to accommodate occupier requirements in a fast-changing market.

First occupier confirmed for Newcastle landmark development

One of the North East’s most high-profile development schemes has secured an international law firm as its first occupier, seven months ahead of practical completion.

Interest in Bank House ramps up as new visuals released

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.

5-minutes with: Tony Wordsworth of Avison Young

Kicking off our new series of interviews with members of the Bank House delivery team, we caught up with Tony Wordsworth, director at Avison Young, to find out more about his involvement in the project (which dates back 20 years!!)