A national property firm has invested £5m with the acquisition of an office block in Newcastle city centre.

SONA Estates purchased Hadrian House, behind the city’s Laing Art Gallery, which is set to be refurbished and rebranded as Hadrian Newcastle.

Director Omar Parbani said: “Newcastle is an exciting and attractive place to invest. It is home to some outstanding businesses and in particular is a hub for start-up and SME organisations.

“Its business community is impressive, and we felt this would be an excellent opportunity to add to our portfolio in the region and offer something different for the city centre.

“We have been working tirelessly with experts in a range of fields to provide a creative offering which will service businesses and provide a space which they are proud to occupy. We look forward to hosting a range of showcase events and opening later this year.

“In addition, we have been very conscious of the economic climate, and subsequently pricing of the space will be at £12 per sq ft, in order to help local businesses reduce their overheads at this challenging time.”

SONA Estates is working with Bradley Hall Chartered Surveyors and Estate Agents in bringing the site to market.

Bradley Hall director Richard Rafique said: “The Hadrian Newcastle project will create fresh, modern and exciting accommodation for our local businesses. There is an abundance of opportunity in our region’s capital and we look forward to playing a part in progressing the refurbishment of a space which has so much potential.

“It’s not business as usual at the moment, but the North East business community has a resilience like no other. We are seeing many businesses adapt and continue despite the current climate.

“Planning, strategy and government support is helping maintain economic activity and the continuation of transactions in the property market.”