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DTZ’s Newcastle office in £1.1m Sunderland retail warehouse acquisition

The Newcastle office of real estate adviser DTZ has acquired the freehold interest in a retail warehouse in Sunderland for £1.1m on behalf of a private client.

The property is located on 90-206 Roker Avenue outside the city centre and is currently let to Topps Tiles, Tile Giant, Oxman Cars and Falcon Computers.

The property was sold by a private investor represented by Lambert Smith Hampton. The purchase price reflects a net initial yield of 10.01%.

The property comprises a four unit 21,737 sq ft retail park with parking for 90 cars on a 1.5 acre site and is located directly opposite one of the entrances to Sunderland Gateway Retail Park.

Peter Atkinson, Associate Director in DTZ’s investment agency team, said: “We are very pleased to secure this deal for our client. The park provides well diversified income on a very well located site with strong growth prospects.”

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