With the 1st anniversary of Shelborn’s acquisition at Quorum Park fast approaching, it was fantastic news that the transaction was recognised as the Property Deal of the Year following Friday’s announcement by Insider Media.
The Property Deal of the Year Award is given to the most significant property transaction involving North East businesses, completed during the qualifying period.
All of the 2020 Award winners have been announced over the course of the past fortnight following the cancellation of the Awards Dinner due to the Coronavirus pandemic. Also shortlisted for the Property Deal of the Year Award 2020 was the letting of over 35,000 sq.ft. at Quorum’s Neon building to Versiure.
An independent panel of expert judges determined the shortlists and the winners of all the award categories of the North East Property Awards 2020.
The judges were asked to assess the quality of each of the entry submissions, looking in particular at the structure of the deal, any complexities and issues that were resolved, as well as the impact that the deal has had on the businesses involved and the region.
Quorum Park is one of the prime office locations in Newcastle with 6,500 staff working in the 16 Grade A office buildings. It is home to a range of major occupiers including Greggs PLC headquarters, Tesco Bank, Balfour Beatty and Home Group.
November 2019 saw the sale of the major part of the park when 8 buildings totalling 458,837sq ft were sold to Shelborn for £32m. This was the largest real estate investment transaction in the North East in recent years.
The entry submission highlighted the importance the deal has been for the region, as major investments like this add to the North East’s attractiveness for international funds.
The North East Property Awards judges said: “One of the most impressive aspects of the deal was that it was done during all of the Brexit uncertainty. It is of massive significance for the out-of-town office market sector, as well as being regionally significant, and is therefore the outstanding deal of the year.”
Mark Rabinowitz, director of Shelborn Asset Management commented: “We are delighted that our acquisition has been recognised in this way and I would like to thank all the parties involved in helping to conclude the transaction. We have had a fantastic first year including the delivery of over 100,000 sq.ft of lettings and looking forward to achieving further success over the next 12 months.”
Avison Young acted as agent for Shelborn and Cushman and Wakefield on behalf of the vendor.