Gateshead Council has submitted a planning application to deliver the first speculative office development in the town centre in nearly a decade.
The £12m project would comprise 54,000 sq ft of offices in the Baltic Business Quarter, near the Quays.
Subject to planning approval in May, the development will be delivered in late 2019.
Councillor Martin Gannon, leader of Gateshead Council, said: “At a time when there is limited office space available, and the Gateshead economy is going from strength to strength, the decision to build the first speculative office development in the borough reflects our confidence in the area.
“There is a good level of unsatisfied demand for prime office space and the strategic position of Baltic Business Quarter has cemented our decision to press ahead with the project while we seek tenants.”
Contractors Willmott Dixon and architects Ryder Architecture have been appointed to oversee the project.
The new space will be leased by BNP Paribas Real Estate.
Director Aidan Baker said: “There continues to be a lack of Grade A office supply within Newcastle city centre and Gateshead. Gateshead Council’s decision to deliver a Grade A scheme when the private sector are not active shows the forward thinking nature of the council.
“The building will be developed to a high specification and will benefit from the superb proximity to Gateshead Quays and Newcastle city centre and therefore we anticipate there will be a high level of interest.”
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
