Minel Venues LLP is a division of Minel, a Newcastle-based business that operates in the leisure, financial advice and renewable energy sectors. The Venues division was established last year by partners John Wade and Tim Whiting to purchase Cathedral Buildings in the centre of Newcastle and to pursue other opportunities in the commercial property sector.
The period building on Dean Street had been in need of modernisation when it was purchased by the company last year, and had an occupancy rate of around 40 per cent.
Since the purchase and renovation, occupancy rates have risen substantially and the property currently has just one 2,000 sq ft office unit left to fill in the 28,000 sq ft building. A number of new, high quality tenants have acquired space in the building, including Begbies Traynor, Linear Recruitment and Britain’s biggest musical instrument retailer Professional Music Technology, who have opened a new retail unit in the building.
John Wade, partner at Minel Venues, said: “Cathedral Buildings is a beautiful landmark property in the centre of Newcastle that is steeped in character and history and famed for being both the home of Newcastle’s oldest Italian Restaurant, Marco Polo, and the infamous ‘Vampire Rabbit’’.
The company approached Lloyds Bank Commercial Banking in order to secure a refinancing package for existing loans in order to be in a position to complete the renovation of the property. This was provided under the Government-backed Funding for Lending Scheme.
John added: “The support from our relationship manager at Lloyds Bank has been superb from the moment we first approached him, and the funding package he was able to put in place will enable us to pursue additional opportunities later this year.”
Mike Gascoigne, relationship director for Lloyds Bank Commercial Banking, said: “The expansion into the commercial property sector was a real milestone for Minel, and the renovation of Cathedral Buildings has been carried out both to a high standard and sympathetically to its period character.
The fact that the company has managed to secure several large listed companies as tenants in such a short space of time is a testament to the team’s understanding of the sector and the needs of its clients.
We have specialist property teams that work closely with firms in the property sector and are familiar with the unique challenges that they face, which enables us to offer support tailored to their specific needs.”
