A prominent historic building in Sunderland is set for a modern makeover amid plans to transform it into a vibrant new business hub.
The Grade II listed River Wear Commissioners Building is set for £3m of improvements to create a stunning modern workspace with room for up to 48 new businesses, after Sunderland City Council struck a deal with its new owner Adavo Workspace.
The sale is the latest in a line of positive announcements from the city council, as it moves forward with a £500m city centre investment drive to bring more people into the area to live, visit and work.
Adavo Workspace has previously developed Wallsend Town Hall in North Tyneside and The Clervaux Exchange in Jarrow, South Tyneside, and is in the process of converting another property in Blyth, Northumberland.
The River Wear Commissioners Building scheme marks the latest in its mission to build a portfolio of listed buildings providing serviced office space for a range of firms.
Mark Black, chief executive at Adavo Workspace, said: “I’m really passionate about the North East and want to create spaces that help new businesses launch and grow, while bringing back to life character-buildings that create a really unique work environment.
“To find a building like the Commissioners Building, which is unsurpassed in terms of its world-class architectural features and its fantastic city-centre location, was just absolutely incredible and we’re excited to bring it back into use and hopefully secure the future of this 100-plus year old building for the next century.”
The company has developed a restoration plan for the three-storey listed building, which was built in 1907 on the site of Sunderland’s old post office on the corner of St Thomas Street, that will see it become a state-of-the-art workspace.
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Adavo expects it will welcome up to 200 new jobs to the city when it opens by the end of 2020.
“We want this to be a place that supports business growth. And it is an important step in our own journey as a business, as we look to raise finance that will allow us to grow our footprint beyond our four centres, to create 30 business bases in the region and in the long-term, we plan to expand across the 海角视频, with each property we add a sympathetically reimagined listed building,” said Mr Black.
Councillor Graeme Miller, leader of Sunderland City Council, said: “We’re delighted to welcome Adavo to Sunderland, and it’s great to see yet-another private sector partner recognising the vast potential that exists here, as we move forward with a transformative vision for the city centre.
“We know that the city centre has to become an economic driver to help build the vibrant, dynamic, healthy city we are determined to create, and investment like this – that will bring yet more jobs and wealth to Sunderland is a huge vote of confidence in our work as a council. We look forward to seeing Adavo’s plans for the building emerge and this spectacular old building being brought back to life.”
North East commercial property specialist Naylors agreed the deal, having supported Adavo to find an historic building in Sunderland that could be brought back to life.
James Fletcher, commercial agency surveyor at Naylors added: “This building is both striking and culturally important, so it’s a great addition to Adavo’s expanding portfolio. Its previous projects of a similar scale have created thriving regional workspaces in stunning landmark buildings that are more than 90 per cent let.
“So, we’re excited to have had a hand in helping start a new chapter for a property so significant to the city’s maritime history, that will create jobs and contribute towards Sunderland’s ongoing growth.”