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Exciting City Centre Retail Investment Sold by Johnson Tucker LLP

40-42 Newgate Street & 45-51 Clayton Street in Newcastle City Centre entirely let to Temple Retail Limited (t/a Perfect Home) has recently been sold for £1.80m reflecting a net initial yield of 7.37%.

The property was sold by a private client, advised by joint agents £Daniel Capobasso of £Johnson Tucker LLP and John Birtwistle of  Leeds-based retail and investment surveyors Brassington Rowan and was purchased by a local property company. The property was sold in an off-market transaction and contracts were exchanged in only 24 hours.

Daniel Capobasso, Partner at Johnson Tucker commented: “We are very pleased to have been able to sell this property for our client. The investment was understandably in high demand with limited good quality stock around”.

The property comprises a substantial 16,000 sq ft five storey Grade II listed building, situated in the heart of Newcastle city centre, very close to Debenhams & Intu Eldon Square shopping centre, The Grainger Market and the Newgate Street shopping centre (under construction). Situated in a prominent corner position, there are frontages to the building on Clayton Street, Newgate Street and Nun Street. To the east the property adjoins 8-16 Nun Street, occupied by Wilko. Café Nero & Debenhams lie to the west of the property.

The Newgate Street elevation is immediately opposite the new £100m Mixed-Use scheme being developed on the site of the Newgate Street shopping centre. The buildings have been demolished to make way for a 265-bed 4*hotel, with around 20,000 sq ft space for retail, restaurant and leisure uses on the basement and ground floor, with 575 student residences over 9 floors. The development also includes the refurbishment of the Grade II listed, number 67 Clayton Street. Daniel added “It’s an exciting location - being so close to Eldon Square Shopping Centre and the new Newgate Street Shopping Centre, which is currently under construction.”

This was posted in Bdaily's Members' News section by Johnson Tucker LLP .