WH Smith, 37 – 39 Bridge Street, Morpeth, Northumberland
Johnson Tucker acquired this prime, off market, retail investment on behalf of a retained client.
The property extends to 5,675 sq ft and fronts the prime pitch of Bridge Street, Morpeth. Morpeth is one of the North East’s most prestigious market towns. Surrounding occupiers include Boots, Dorothy Perkins, Costa, Greggs and the property is within close proximity to the entrance of the Sanderson Arcade.
A lease renewal had been completed to WH Smith for a new 10 year term and the property was acquired in Q3 2012 for a price in the region of £1M.
Douglas Cranston commented, “This was a rare opportunity to secure a well let retail investment at a re-based rent in prime North East market town. There is a significant weight of private money chasing secure assets of this nature and we will continue to try and acquire investments with similar fundamentals for our in house clients”.
For further information please contact Andrew Tucker