Another in the bag for Bank House

Flexible office provider Cubo has continued its drive into the North, agreeing terms for 20,000 sq ft at the Newcastle office building.

Cubo will take the top two floors of Bank House, the Pilgrim Street project that marks phase one of a wider scheme also including the new HMRC super-campus for the region.

The site will also include a five-star hotel, a new public square and a food & drink-led project.

Cubo, backed by investment firm Literacy Capital, announced plans earlier this year to near-double its UK footprint.

This transaction, its first in the North East, follows hot on the heels of a deal for 16,000 sq ft in Manchester. The flex office provider currently operates in seven locations across the UK, including Leeds and Sheffield.

The new Newcastle space will officially open its doors towards the end of 2023.

Standard member benefits at Cubo include 24/7 access, use of large communal spaces, private areas, breakout spaces, meeting rooms and kitchens, and a programme of networking events.

Cubo Newcastle will also feature shower facilities with lockers, drying rooms and towel stations, bike storage, and e-bike charging points. Members can also use the co-working spaces in all Cubo locations.

Marc Brough, chief executive of Derby-headquartered Cubo, said: “Plans to roll out the Cubo brand nationally continue at pace and we are excited to launch our first flex office space in this fantastic location in Newcastle city centre.

“The space has been meticulously chosen because of the city’s rich history, its vibrant culture and the building’s city centre location. With its unrivalled location within the exciting Pilgrim Street development, it will be the ideal home for many growing businesses.

“The new space continues our rapid expansion and reinforces our commitment to opening in the very best locations across all the UK’s core cities.”

Tony Wordsworth, director at Avison Young, joint letting agent for Bank House alongside Knight Frank, said: “We are excited to welcome our fifth tenant to Bank House and very much look forward to Cubo launching its unique offer later this year.”

Following lettings to DAC Beachcroft, Lycetts, Barclays – a move confirmed in early June – and Oliver Wyman, more than 55,000 sq ft has been let at Bank House within three months of the building’s launch.

Wordworth concluded: “Thanks to our deal with Cubo, the building will be able to accommodate a wider range of occupiers and we believe the business is a great fit for Bank House.”