News

Greggs Investment Sold by Johnson Tucker LLP

Johnson Tucker have successfully sold this mixed use retail and residential investment in Forest Hall, a suburb of Newcastle upon Tyne in excess of the asking price.

The ground floor is let to Greggs PLC until 17th April 2023 at a rent of £14,000 per annum. Greggs PLC is the leading bakery bakery/food-on-the-go retailer in the UK and have been running for over 75 years. They currently trade from almost 1,700 shops across the UK. They have a Credit Safe rating of 96 – very low risk. On 31st December 2016 Greggs PLC recorded a total turnover of £894,195,000 and pre-tax profits of £80,319,000.

The upper floor comprises an individually accessed, self-contained flat let at £5,100 per annum. Total rent received is £19,100 per annum and we were instructed to seek offers in excess of £260,000 for our clients freehold interest.

An off-market approach was made to purchase the property at a level in excess of the asking price, which our client was happy to accept. Both parties acted swiftly to conclude the sale in just 29 days.
If you require investment advice please contact Daniel Capobasso on 0191 269 7890 or email danielc@johnsontucker.co.uk