Moffet Limited has let circa 9,350 sq ft of Grade A office space at Unit 8 Cobalt Business Park, Newcastle upon Tyne to a Newcastle-based independent stockbroker. Prior to this letting, the building was previously occupied by Morrison Data Services who now occupy neighbouring Unit 7A.
Prior to this letting, off-shore investor Moffet Limited undertook a significant refurbishment of the entire building to achieve a ‘top of class’ specification and a BREEAM rating of ‘very good’. The exceptional specification is now attracting occupiers to the prestigious Cobalt Business Park where other tenants include the NHS, Leeds Building Society, Greggs and P&G.
Moffet Limited’s asset manager, Richard Harrison at Praxis Real Estate Management Limited, said:
“We are very pleased to conclude the first letting of Unit 8 Cobalt Business Park. This letting confirms that the demand for Grade A office space in the Newcastle region remains strong and the owner’s investment into a high-quality refurbishment is now paying dividends. Hanover Law’s prior knowledge of the assets at Cobalt helped to ensure draft documents were issued promptly and all enquiries responded to comprehensively. This allowed the tenant and their advisers to complete ahead of plan and begin fit-out.”
Mark Balmforth, solicitor and head of asset management at Hanover Law, commented:
“I’ve worked with Moffet Limited for a number of years (both at Hanover Law and my previous firm) in relation to its assets at Cobalt and I’m very pleased to have acted on the first letting of Unit 8 following this refurbishment. Having such a close relationship with the client and its asset management team ensures that the letting process is efficient from the moment heads of terms are agreed. We continually seek to deliver a streamlined service to all our clients and this transaction is an excellent example of this being put into practice. A significant and valuable letting, concluded within a short period of time. We look forward to working with Moffet Limited in relation to future lettings of the remaining vacant space.”