Market Leads & Opportunities
£30m funding deal for Newcastle office scheme
A £30m funding package has been secured to support the development of a new office scheme in Newcastle.One Strawberry Lane, in the city’s St James’ area, would rise to six storeys and provide 70,000 sq ft of space once complete.Ask Real Estate secured the funding through Canada Life Asset Management. BAM Construction is due to start work on the project later this month.One Strawberry Lane will be the new head office of housing provider Home Group. It has taken a 30-year lease on the building, which is scheduled for completion in April 2022.Ask Real Estate is also behind the £260m arena-led NewcastleGateshead Quays redevelopment.The Manchester office of JLL acted as investment agent and legal representation was provided by CMS. Canada Life Asset Management was represented by agents CBRE and Avison Young and Taylor Wessing acted as legal representatives.
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