Tyneside Residential Properties Limited (TRP) was the original Group Company, formed in 2010 by Robbie Kalbraier. Since 2010, the business has grown and during 2013 it evolved into Tyneside Group Limited (TGL) with 4 constituent subsidiary companies. The Group specialises in the development, management and rental of properties to the student and young professional community in the city of Newcastle upon Tyne.
Early in 2014, an opportunity arose to purchase 1, 2, 3 St James’ Terrace and 17 St James’ Street. These 4 storey properties are approximately 8,000 square feet in total and are adjacent to Newcastle University in the very popular St James’ Park area. They were in commercial office use at the time of purchase. A Special Purpose Vehicle (SPV) was formed to facilitate the involvement of outside investors.
These properties have now been successfully developed by St James’ Central Limited (SJC 1). During the development phase they were all fully let with tenancies beginning at completion and running for the duration of the current academic year. The entire portfolio was put on the market in the early summer and was sold for £2.05M, giving a very healthy return for the investors of SJC 1.
There are a large range of outdated commercial office premises in Newcastle upon Tyne, built primarily in the Georgian era. Some of these are Grade 2 listed and some are not. There is an abundance of modern office accommodation in the area, which means there is almost no commercial future for premises of this nature.
These properties are now coming to the market and are likely to continue to do so for some years to come. Almost universally, they are in prime locations for conversion to residential units suitable for students and young professionals.
Opportunities exist to purchase and develop a number of projects and St James’ Central Investments Limited (SJCIL) will be the vehicle to enable the development of all future projects of the St James’ Group of companies.