Member Article

Newcastle's Tesco Bank building sold in £17.5 million deal

Tesco Bank’s 100,353 sq ft offices on Newcastle’s Quorum Business Park has been sold in a £17.5 million deal which represented an 8.1% Net Initial Yield.

The ‘Q8’ building currently accommodates around 800 employees with room to expand to cater for over 1500.

Tesco leased the building in 2009 on a 15 year term. The sale, by Tritax, was led by CBRE’s Capital Markets team, and the purchaser was represented by Blackman Investments.

Robin Bullas, associate director of Capital Markets at CBRE Leeds, said: “As one of the most high profile business parks in the North of the country, Quorum Business Park’s success is evident in the calibre of occupiers it attracts and retains.

“Tesco Bank’s strong covenant in context with the overall prosperity of the Park proved to be a key factor in attracting investor interest. The deal provides a boost to the North East investment market and signifies the region’s ability to secure large deals such as this.”

This was posted in Bdaily's Members' News section by Tom Keighley .