20th September 2022

First occupier confirmed for Newcastle landmark development

Bank House



20th September 2022

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.

DAC Beachcroft (DACB) has exchanged contracts to become the very first tenant of Bank House in Newcastle, the first of three new office buildings that will make up Pilgrim Place. The new commercial destination at the southern end of Pilgrim Street is the first building in the wider regeneration scheme which includes Pilgrim’s Quarter, the forthcoming 463,000 sq.ft HMRC facility at the street’s north end.

The 15-year lease which DACB has agreed covers the first floor and half of the second floor of Bank House, which represents the first 15,000 sq.ft of the total 120,000 sq.ft of Grade A office accommodation.

DACB’s Newcastle Location Head David Weatherburn, who leads the team that will be relocating from its current base at Gallowgate’s Wellbar Central, said: “As one of 11 DACB locations in the UK, our Newcastle office has seen significant growth since 2008, expanding from 30 colleagues to 170 working across multiple disciplines. 

“With iconic views over the Tyne Bridge and in a vibrant, up and coming location, Bank House offers us the flexible floorspace and open plan design we need as we continue to grow.

“And because the building will have such incredible ratings when it comes to environmental sustainability, it supports our Environmental Social Governance (ESG) strategy, and our commitment to achieving net-zero emissions.”

In line with DACB’s Flex Forward approach to working, which was developed to offer maximum flexibility over where and how individuals work following consultation with the firm’s people across the UK and Ireland, their offices at Bank House will feature spaces to support collaborative working and flexible meeting areas. 

Patrick Matheson, partner at Knight Frank, added: “Office occupiers are demanding a lot more from their space in the wake of the pandemic. Not only do offices need to help organisations attract and retain high quality candidates, but also support their sustainability goals, an issue which has become very relevant due to rapidly rising energy costs.

“The superior standard of accommodation that Bank House offers, provides the perfect platform for forward thinking organisations such as DACB, who are looking to harness new ways of working, reduce their carbon emissions and provide high quality facilities and amenities for their staff.”

Bank House, which is due to be completed in April 2023, is a 14-storey office on the site of the former Bank of England premises. The ground floor will feature a 4,500 sq.ft reception, a café, and informal breakout areas, whilst the floorplates provide 10,000 sqft open plan, column free space. Occupiers of the upper floors will have 360-degree views across the Tyne and nearby Quayside quarter, with a build quality and scale attracting prominent employers looking to invest in the North East.

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