News | Residential Investment
Allsop sells Hadrian’s Tower, Newcastle’s tallest residential building

On 20th June 2025, L1 Capital acquired Hadrian’s Tower, a landmark 27-storey residential building in Newcastle city centre, in an off-market transaction with administrators who were represented in the deal by leading UK property consultancy Allsop.
Completed in 2020, Hadrian’s Tower offers panoramic views across the city skyline and St James’ Park stadium. The building comprises 159 high-specification apartments and a premium rooftop commercial unit leased to a champagne bar and restaurant. The acquisition includes 57 fully-let apartments, the top-floor commercial unit, and the freehold interest.
The property generates diversified income from residential, commercial, and ground rent streams, and is fully let. It benefits from a city centre location just a short walk from Newcastle Central station and key retail, educational and cultural amenities. The building is also supported by a dedicated residents' lounge and concierge services.
The acquisition forms part of L1 Capital’s UK residential strategy, targeting high-quality assets with mid-market rents, providing robust fundamentals and scope for income optimisation. The transaction was completed at a meaningful discount to replacement cost and underpins attractive day-one income, with significant embedded reversion over time.
L1 Capital was one of the early institutional investors to enter the PRS market in the UK and continues to scale its UK residential real estate strategy, having deployed c.£300m to date. Notably, in December 2024 the international fund manager acquired Equipoint, a 247-unit BTR scheme in Birmingham.
L1 Capital was established in 2007 and is headquartered in Melbourne, Australia. The firm currently has c.A$7 billion assets under management and operates out of 4 offices globally (Melbourne, Sydney, London and Miami). The firm manages money for a range of clients including large superannuation funds, financial planning groups, asset consultants, family offices and high net worth individuals. It is understood that the company is currently in discussions to merge with Platinum Asset Management, a merger that would create a combined investment firm managing approximately A$18bn in assets.
David Lamm, CEO of L1 Property, commented: "Hadrian’s Tower is a great addition to our residential portfolio. It is a high-quality property providing strong levels of income in an exciting regional city. Newcastle has attractive fundamentals, enabling us to capture reversion on both an asset and market level. We’re delighted to have completed on this complex acquisition and look forward to actively managing it over the years ahead.”
James Wilson, Partner at Allsop, said: “The sale of Hadrian’s Tower demonstrates the continued appeal of high-quality, income-generating residential assets in strong regional centres. With its prime location, diversified income profile and long-term potential, the building attracted significant interest. While the transaction involved a number of complexities, we’re pleased to have supported FRP Advisory in navigating the process through to the successful completion of this deal.”
James Wilson at Allsop was the selling agent on behalf of Joint Administrators Nedim Ailyan and Ben Stanyon at FRP Advisory. Squire Patton Boggs acted for the vendor with L1 Capital advised by David Kanter and Daniel Lipman of Mishcon de Reya.
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