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.”