THE Newcastle offices of Bilfinger GVA and Cushman Wakefield have been instructed by Parabola Estates to market and sell Central Square, pictured, a prime Grade A office investment in Newcastle city centre.

Central Square is widely regarded as one of the city’s best office buildings, occupying a key position in the city core adjacent to Newcastle Central railway station and the new Stephenson Quarter development.

Constructed in 2000 the building provides 72,389sq.ft of grade A office accommodation along with a five-storey atrium, 33 basement car parking spaces and an additional 64-space external car park. The building was a winner of the BCO Best Refurbished Workspace national award.

The building is fully let to a strong tenant line up including Ove Arup Partners, Jackson Solicitors, Bilfinger GVA, Cushman and Wakefield, 4 Projects and The Arts Council.

The combined passing rent amounts to £1,446,126 per annum, equating to an average office rent of £18.55 per sq.ft and an average rental of £1,309 per car parking space per annum.

The joint agents are seeking an asking price of £20.52m for the freehold interest, subject to contract which reflects a Net Initial Yield of 6.75 per cent after deduction of standard purchaser’s costs taken at 5.8 per cent reflecting a capital value of £284 per sq.ft.

“We anticipate strong market interest in this landmark building which offers top-quality Grade A office accommodation, superbly located close to Central Station and the rapidly emerging Stephenson Quarter regeneration scheme,” said Simon Beanland, who is Senior Director and Head of Investment at Bilfinger GVA, Newcastle.