Latest news from BusinessLive's Commercial Property newsletter
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| | | | | North East leisure operator Stack seals investment from Kings Park Capital | | | | | | North East leisure operator Stack is set to take its drinking, dining and entertainment experiences on the road after securing what is understood to be significant investment from London private equity house Kings Park Capital.
The investment group - which together with the Harris Family bought the Inn Collection Group in 2022 for a reported £300m - has ploughed cash into Stack, the innovative operator of mixed-use leisure venues renowned for their fusion of bars, live entertainment and leisure activities alongside an all-day street food offer, led by local independent vendors.
Founded by Neill Winch in 2017, Stack has rapidly become a cultural and community hub, initially making its mark with the Newcastle site in 2018 on the site of the former Odeon cinema - a site which closed in 2022 to make way for the new HMRC building, now rapidly taking shape in the city centre.
The firm now operates a successful site in Seaburn which will be joined by a new flagship site in Newcastle at Worswick Chambers in 2025, followed by sites in Middlesbrough, Lincoln, St James' Newcastle and a host of others.
Mr Winch says the firm's expansion plans consist of innovative container parks in Carlisle, Manchester, and Sheffield together with several development projects aimed at repurposing vacant retail spaces, and breathing new life into city centres in locations such as Lincoln, Durham, Bishop Auckland, Whitley Bay and Northampton.
He said: "Teaming up with Kings Park Capital, a specialist investor in the leisure sector, is instrumental for our growth. This investment will enable our extensive pipeline of new Stack venues to become a reality." Read more | | | |  |
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| | | | | Historic hall set to be sold to new owners following appointment of receivers | | | | | | A historic hall in Newcastle which has been the centre of a regeneration plan is poised to be sold to new owners.
Plans to breathe new life into the Grade II listed Pendower Hall in Newcastle's west end were first launched nine years ago, when the building was marketed for sale by Newcastle City Council amid moves to raise funds by selling off property assets. The hall was snapped up by current Tier One Capital director Ian McElroy and former director Stephen Black in an £816,000 deal, triggering plans to convert the property into a wedding and conference centre with office space.
Mr McElroy and Mr Black have both since resigned as directors of Pendower Hall Ltd, though the company continues to be owned by Mr Black and Jill Black. Receivers from FRP Advisory were appointed to the property in the week before Christmas, and say they are now in talks with interested parties who are keen to develop the site. Read more | | | | | |
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