Commercial Property News

Our magazines are published bi-monthly with in-depth features and news for the commercial property industry. On this page we have the latest news to keep you constantly updated on the market. On the left hand side of the page you can search our archived news which is stored monthly.



Tuesday, February 26, 2024

Cestria Community Housing signs up to new office development

Cestria Community Housing, based in Chester-le-Street, has signed up for a third of the new 45,500 sq ft high-quality office development at the historic Lambton Park within weeks of its completion.

The new housing association is taking 13, 693 sq ft of office space, in 11 self-contained units, at 15 per sq ft on a 15-year lease.

The flagship Bowes Offices scheme at Lambton Park comprises 23 units within seven buildings. It follows the redevelopment of the former Bowes House Farm which is located within the picturesque 1,000 acre Lambton Park.

The park, which has been home to the Earl of Durham for centuries, contains many fine buildings, including the magnificent Lambton Castle and Biddick Hall. It boasts a superb setting with the River Wear running through it.

The office accommodation has been built by contractors Dorins. Ranging from 980 sq ft, it is a complete office refurbishment to a very high specification, including iconic architectural features, new lifts and a high level of on-site parking.

Patrick Matheson, of letting agents Knight Frank in Newcastle, commented: "The fact that a third of this unique development has been taken and further suites are now under offer speaks volumes about its quality. It is very special indeed.

"Many of the original features of the buildings have been retained and, coupled with simply stunning landscape settings, Bowes Offices provides a terrific business environment.

He said: "One of the unique selling points of Bowes Offices is its superb and strategic location, only minutes from the A1 and A19 but also only 15 minutes from the centres of Newcastle, Durham and Sunderland together with the North East Mainline Station at Chester-le-Street and Durham.

"Leaving aside the letting to Cestria Community Housing, there is strong interest in the other units. Rent is 15 per sq ft and flexible terms are available."

The agents for Bowes Offices are Knight Frank, Ashley Smith and Gray's Chartered Surveyors, while the developers are Lambton Developments Ltd.

David Gray, Trustee of the Lambton Estates and Director of Lambton Developments Limited, commented: "The decision made by the Lambton Family some years ago to preserve what had been the Home Farm on the Estate by carrying out a conversion to office units has meant that Lambton Park can now provide a superb location in the North-East for those planning an out-of-city-centre office location.

He added: "The fact that Cestria Community Housing has taken a large portion of the site is exciting and we are pleased to welcome the new company on to the estate"

Ian Broughton, Cestria Community Housing Chief Executive, said: "The estate is an ideal location for Cestria Community Housing. One of our key roles is to help with the regeneration of Chester-le-Street district. This is an excellent example of how new life can be breathed into one of the district's landmark building."

Cestria Community Housing is an independent housing association which was set up to take over responsibility for the management and maintenance of the 4,500 homes previously owned by Chester-le-Street District Council from 4th February 2008.