Mincoffs Solicitors and Naylors Gavin Black act on £5m sale23/11/2022
Mincoffs Solicitors and Naylors Gavin Black have worked together to complete the £5.425m sale of the Q5 building in Quorum Business Park, Longbenton, to a group of private investors.
Q5 comprises more than 70,000 square feet across four floors and recently welcomed new tenants including Lindisfarne Inns – part of the Inn Collection Group – and Mandata Management and Data Services, which have both moved into suites on the building’s third floor.
Other tenants at the building include Pure Gym, ROSEN(UK) and Advertising Intelligence, with two further offices which are ready to let on the ground and first floors.
The vacant lots offer further revenue generation opportunities for the new owners, including more than 6000 square feet of Grade A office space – with offices available from 2000 square feet – and plans for additional investment, including LED light fittings and improvements to the lobby area.
Naylors Gavin Black’s relationship with the new owners will continue as it has been appointed to market the part first floor offices of the high spec building, which also boasts an impressive entrance hall with full height atrium
“Q5 is an excellent property, in the heart of one of the region’s most bustling business parks,” he said.
“It was a pleasure to help facilitate our client’s exit from this successful investment and unlock equity for use in new projects, despite some challenges along the way.”
Naylors Gavin Black, one of the North East’s largest independent property consultancies, worked alongside Mincoffs Solicitors’ team to secure the deal.
Chris Pearson, partner at Naylors Gavin Black, said: “Q5 will be a welcome addition to any commercial property portfolio and is already home to some fantastic businesses.
“It has recently welcomed new tenants, with additional space available and attracting interest, which will only further improve rental yields for the new owners.
“It was a pleasure to work closely with Mincoffs Solicitors on this transaction and to ensure we delivered a smooth and efficient sale for everyone involved, providing good value for our client and the buyer, as well as ensuring continuity for Q5’s tenants.”
Mincoffs Solicitors has provided expert legal services and advice across the North East and beyond for more than 70 years.
Alongside real estate, the firm’s services include corporate, commercial services, dispute resolution, employment law, licensing and gaming, residential conveyancing, family law and wills, probate and trusts.