One of Newcastle's newest - and most prominent - office schemes is now fully occupied thanks to the growth of financial services tech firm Neptune North. The joint venture between management consulting firm Oliver Wyman, New York Stock Exchange-linked Marsh McLennan and fund manager Rokos Capital Management has taken a lease on half of level six of the 14-storey Bank House building.
It comes less than three months after the firm took up residence in level eight. The move gives Neptune - which also has a Madrid office - an additional 5,000 sqft in January, following a fit-out project to be carried out by ADT Workplace.
Neptune has already created more than 100 jobs since it was launched only last year. The provider of software development and consulting services to businesses operating in the financial services and alternative investment markets also has staff in New Zealand and has place to open offices in the US in coming months.
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CEO James Beard said: “We are bringing high-calibre individuals from places like London, Edinburgh, Germany and Canada to live and work here in Newcastle, which is fantastic for the North East economy. The demand for the work we are doing at Bank House is growing rapidly, so the decision to take on this additional space was taken not long after we signed the first lease.
"Bank House is the leading office building in Newcastle and all our new recruits are thoroughly impressed with the standard of accommodation we have to offer, the proximity to the city centre and housing.”
Data engineer Tobia Beccari relocated to Newcastle from Stratford-upon-Avon to take up a new role at Neptune North. He said: "I moved to Newcastle to kick-start the data team and whilst I was not sure what to expect, given that I hadn’t been further north than Sheffield, I have found both Neptune North and Newcastle incredibly welcoming! Bank House has been the perfect location to introduce me to the panoramic view of the city, and I am now quite proud to call Newcastle home, no less because of the friendships started at Neptune North."
Bank House was officially opened in summer 2023 and has attracted companies including Lycetts, DAC Beachcroft, Barclays, Cundall, Cubo and Knights. The property will be joined by two other offices spaces at the southern end of Pilgrim Street, with work having started this summer on 1 Pilgrim Place where 245,000 sqft of grade A office space will be delivered.
Around 170,000 sqft is pre-let to the Department for Work and Pensions. Meanwhile 2 Pilgrim Place will provide about 100,000 sqft of grade A office space. Both buildings are expected to be completed in Q2 2027.
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Tony Wordsworth of Avison Young, joint letting agent at Bank House alongside Knight Frank, said: “We have attracted a host of leading names to the building over the past 24 months and with further development now coming forward at 1 & 2 Pilgrim Place, it is fantastic to complete the letting of Bank House. Neptune North is a phenomenal success story which began here at Bank House only last year, so we are delighted to have been able to work with them to bring the building to 100% occupancy.”
Elsewhere in the city, Atom Bank has completed its move from Durham to the historic, Grade II-listed Pattern Shop. The digital bank says it is recruiting for 30 new jobs as part of the move, adding to its headcount of 600.
The multi-million-pound investment means the Stephenson Quarter building - which was part of the Robert Stephenson & Co. works - will serve as a hub for Atom’s four-day working week model. It has been carefully restored, making it a low-carbon office space.
Mark Mullen, CEO of Atom bank, said: “Our move to the Pattern Shop isn’t just a change of address; it’s a bold statement about our future and our belief in the North East. We’re investing in a space that celebrates our region’s industrial past while providing a modern, flexible, and inspiring home for our people. This new chapter will help us attract top talent and continue to challenge the status quo, proving that a truly innovative and profitable business can thrive right here in the North East.”
Coun Karen Kilgour, leader of Newcastle City Council, said: “The announcement of Atom Bank’s arrival to the lovingly restored Pattern Shop was hugely welcome news and it’s fantastic to see their move is now coming to fruition. This is hundreds of well-paying jobs being brought right into the heart of our city, on a site steeped in history and heritage with an exciting new chapter ahead of it.”