A building society has bought its current leased premises in a bid to help it grow further.
Newcastle Building Society has completed the deal – for an undisclosed fee with Highbridge Properties – to buy the premises at 21 Cobalt Park.
The deal allows the company to secure the 99,294sq ft accommodation to provide additional space, with the potential to build on the 188 new jobs it created last year.
Society chief executive Andrew Haigh said: “The purchase of our Cobalt base reflects our commitment to North Tyneside and the region, and with the potential to create even more jobs, is great news for local employment.
“We’ve operated from Cobalt for the past nine years; it’s a great place to work and we want to be here for the long-term and to continue to invest in and grow our business.”
Garry Ward, director of Highbridge Properties, said: “We are proud to have played a small part in helping Andrew and his team with the continuing success story of Newcastle Building Society, the first tenant to occupy the southern part of Cobalt, and are delighted to have sold the building to an existing occupier.”
Aidan Baker, director at BNP Paribas Real Estate, which advised on the transaction, added: “Newcastle Building Society’s decision to purchase Cobalt 21 and become the second owner-occupier on the Park is a significant commitment, and is further testament to the ongoing success of Cobalt Park.”
The Society will become landlord to Hewlett Packard, with which it currently shares its premises.