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Council Snaps Up Office Building For Residential Development

FI Real Estate Management (FIREM), has delivered a significant transaction in North Shields town centre, selling Unicorn House to North Tyneside Council for an undisclosed sum. The newly acquired building is set to be transformed into a housing-led development, thanks to Permitted Development Rights (PDR) being secured by FIREM prior to sale.

Totalling 20,000 sq. ft., the three-storey office building – originally purpose-built for government use almost four decades ago – will be cleared to make way for a regeneration scheme. This will complement the Council’s ongoing work on the £5m development Northumberland Square project, which will see a row of terraced properties on the square’s north side restored to their original use as homes.

Located just off Stephenson Street, approximately eight miles east of Newcastle city centre, Unicorn House also features land for new build expansion, subject to planning.

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