The Government department’s new regional headquarters at 1 Pilgrim Place in Newcastle is one of the largest office developments ever built in the city centre

One of the largest office schemes ever created in Newcastle city centre has reached its latest construction milestone. With just eight months to go before the official launch of 1 Pilgrim Place, representatives from all of the project’s partners have gathered in Newcastle to see the continued construction progress at the landmark development.

Representatives from the Department for Work and Pensions (DWP), Reuben Brothers (Newcastle) Ltd, Bowmer + Kirkland, Avison Young, Ryder Architecture, Cundall and Newcastle City Council visited the site to mark the latest construction milestone ahead of the building’s completion in 2027.

The building is one of three planned by project partners in the heart of the city – Pilgrim’s Quarter, which will become home to thousands of HMRC staff. 1 Pilgrim Place which will become the new regional base for the DWP, while 2 Pilgrim Place is being made available to let with property agents, offering “sustainable, best-in-class office accommodation”.

Attendees were taken on a guided tour of the development before hearing from project partners about the significance 1 Pilgrim Place will hold in the continuing transformation of Newcastle city centre. Alongside neighbouring schemes including Pilgrim’s Quarter, Hotel Gotham Newcastle, Worswick Chambers – now a permanent home to Stack – and Bank House, the development’s 7.9-hectare site forms a key component of one of the most ambitious city-centre regeneration programmes in the UK.

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The occasion underscored the strength of partnership between the public and private sectors, with stakeholders reflecting on the considerable progress made to date. A commemorative plaque was also unveiled to mark the completion of the building’s shell.

Roger Thornton, head of property at Motcomb Estates, asset manager for Reuben Brothers (Newcastle) Ltd, said: “Today’s event is a great opportunity to recognise the progress being made at 1 Pilgrim Place and the commitment shown by everyone involved in delivering it. The building is an important part of the wider regeneration of Pilgrim Street, creating high-quality workspace that will complement the growing mix of commercial, leisure and hospitality uses emerging across this part of the city. As more projects reach completion over the coming months, the long-term vision for Pilgrim Street is becoming a reality.”

Sarah Homer, director general – corporate transformation at the DWP said: “It’s fantastic to see the progress being made at 1 Pilgrim Place. This development will provide a modern, collaborative workplace that supports the way DWP and our staff work while reinforcing our long-term commitment to Newcastle. We look forward to seeing the building completed and becoming part of this thriving new city-centre neighbourhood.”

Paul Anderson, project director at Bowmer + Kirkland, said: “Reaching this stage of construction is a testament to the commitment and expertise of everyone working on the project. Delivering a development of this scale within a busy city-centre environment requires close collaboration, and we’re proud of the progress made as we continue towards completion.”

Christopher Turnbull, principal at Avison Young, said: “1 Pilgrim Place is another significant milestone in the wider regeneration of Pilgrim Street. Avison Young is proud to support the programme through project management, property management, planning and agency services. The scheme will deliver one of the city’s most prominent office developments, helping to make a lasting contribution to Newcastle’s economy, business community and long-term commercial future.”

Oil prices fell on Monday as markets embraced hopes for the de-escalation of the Iran war, despite uncertainty over the prospects for a Federal Reserve interest rate hike.

President Donald Trump on Sunday signaled he was holding off on ordering fresh strikes against Iran and said he did so because U.S. allies in the Middle East have reached the outline of an agreement to end the war, adding it would “include the Immediate, Complete and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat.”

Trump indicated the negotiations would begin on Monday afternoon, which caused oil prices to slide on the potential deal to restore the flow of oil shipments through the Strait of Hormuz that have been constrained amid the threat of Iranian attacks and mines amid the conflict.

Prices for West Texas Intermediate crude, a key U.S. benchmark, were down about 6.2% during Monday morning, trading around $79.45 a barrel after a decline of about $5. Brent crude oil prices were down over 3.5% at around $79.30 a barrel.

FORGET GASOLINE: THIS OVERLOOKED FUEL COULD RAISE THE PRICE OF NEARLY EVERYTHING YOU BUY

Oil prices fell on Monday on the prospect of a deal to end the Iran war. (Todd Korol/Reuters)

A spokesman for Iran’s foreign ministry said in a report by Reuters that no negotiations with the U.S. were occurring or scheduled, adding that the only ongoing discussions were with Oman over the management of the Strait of Hormuz.

Oil prices spiked above $110 a barrel earlier this year as the conflict disrupted oil shipments from the Middle East, as tanker traffic plummeted due to the threat of missile and drone strikes by Iran as well as mines laid in the key shipping lanes of the Strait.

AAA NATIONAL GAS PRICE TOPS $4 AMID RENEWED US STRIKES ON IRAN

The Strait of Hormuz is a key chokepoint for maritime oil flows through the Middle East. (Amanda Macias/Fox News Digital)

Before the outbreak of the conflict, oil prices were in the $60 to $70 a barrel range, and the rise caused gas prices in the U.S. to surge. The national average price for a gallon of regular gasoline was $4.095 as of Monday, up 7% from a month ago and 30% from a year ago, which has pressured household budgets.

Trump wrote in a post on his Truth social media platform that Chevron CEO Mike Wirth gave “all of the reasons that his company is doing so well,” in an interview with FOX Business’ Maria Bartiromo, but added that his administration has helped facilitate that success and urged him to lower prices for consumers.

WHITE HOUSE, GAS STATIONS POINT FINGERS OVER STUBBORN PRICES WHILE LOCATIONS THAT SLASHED PRICES SEE BOOM

Oil shipments through the Strait of Hormuz have been severely constrained due to the risk of Iranian attacks. (Giuseppe Cacace/AFP via Getty Images)

“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD! As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune! That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!” Trump wrote.

The White House has previously criticized gas stations for not lowering prices, accusing them of padding profit margins.

Groups representing smaller gas stations and energy marketers have pushed back on the argument, saying that retail prices are linked to oil prices and that they typically decline over several weeks after oil prices decline due to the need to turn over higher-cost inventory.

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Consolidated net profit rose to Rs 228.41 crore from a year earlier, while revenue increased nearly 10% to Rs 2,374 crore.

Demand remained healthy in both decorative and industrial paints despite geopolitical tensions and was supported by the delayed onset of the monsoon, managing director Pravin Chaudhari said.

“Looking ahead, we anticipate that demand in both market segments will continue to remain strong despite an erratic monsoon and prevailing geopolitical situation,” he said. “Additionally, Diwali being later this year, should add a fillip to the festive demand,” he said.

Chaudhari said the geopolitical situation in West Asia disrupted supply chains and sharply increased raw material prices from March. While conditions improved midway through the June quarter, the company would continue to monitor the situation closely.

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The company raised prices during the quarter to partly offset higher raw material costs. Total expenses rose more than 10% to Rs 2,116 crore, while consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) increased 7.7% to Rs 335.89 crore.
On a standalone basis, revenue rose 10% to Rs 2,299 crore, while Ebitda increased 8% to Rs 336 crore.The company announced its results after market hours on Monday. Its shares closed 3.6% higher at Rs 203.95 on the BSE.

Capacity expansion approved

The board has approved capacity expansion for industrial paints, powder coatings and industrial resins across three manufacturing facilities.

Industrial paint capacity will be expanded at the Sayakha, Bawal and Hosur plants at an investment of Rs 412 crore.

“In view of the estimated growth in automotive paint industry, capacity additions are being carried out,” the company said in an exchange filing.

The company will invest another Rs 189 crore to expand powder coating and industrial resin capacity at the Sayakha plant.

The projects will be funded through internal accruals and are expected to be completed in phases by the end of fiscal 2029.

Thornburg Investment Management is a privately owned global investment firm that offers a range of multi-strategy solutions for institutions and financial advisors. A recognized leader in fixed income, equity, and alternatives investing, the firm oversees mutual funds, institutional accounts, separate accounts for high-net-worth investors, and UCITS funds for non-U.S. investors. Thornburg was founded in 1982 and is headquartered in Santa Fe, NM. Note: This account is not managed or monitored by Thornburg Investment Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Thornburg Investment Management’s official channels.

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