Rapidly expanding motor retailer Vertu is poised to move into new headquarters after sealing a £1.4m deal on an office building.
Since it was established in 2006 Vertu Motors has successfully executed a “buy and build” strategy resulting in a portfolio of 117 outlets across the UK.
Now the firm – the sixth largest motor retailer in the UK - has acquired the 23,000 sq ft office building for its UK headquarters in a £1.4m deal.
Already based at Kingsway North on the Team Valley, Vertu will move into Keelman House later this spring in a move which will bring its central functions under one roof.
Michael Sherwin, finance director of Vertu Motors, said: “We are pleased to have completed this property purchase which will enable us to move quickly from operating our contact centre and head office activities, which are currently spread across four buildings on the Team Valley, into one building.
“This will improve the effectiveness of the group’s central functions, which support the trading activities of the sales outlets across the UK, as well as achieving the cost savings associated with operating from one building rather than four.”
Chris Pearson, partner, Gavin Black & Partners who represented Vertu Motors, said: “We were delighted to have acquired this building on the behalf of our client as there was strong interest in the building. The building is now being upgraded and will be a fantastic long-term headquarters building.”
The Leeds office of JLL and GVA Newcastle, acting for Helix Property Advisors, and representing Simon Thomas and Nicholas O’Reilly of Moorfields Corporate Recovery in their capacity as Joint LPA Receivers, sold the long leasehold interest in Keelman House.
Jeff Pearey, lead director for the North East at JLL, who negotiated the transaction said: “Keelman House presented an excellent occupational opportunity as it provided adaptable, good quality HQ style office space in a well-established and convenient location just minutes from Newcastle.
“We received good levels of interest within a short period of beginning to market the building and the sale was concluded swiftly within a matter of weeks.”
The acquisition represents the latest in a series of moves by some of the region’s major employers.
Last week international energy giant Siemens began moving 200 employees with its Power Generation Services Division into 39,200sqft of space at Cobalt 9b at Cobalt Business Park
That move followed Utilitywise taking up 78,000sqft and HP taking 25,000sqft elsewhere at the business park.