26-34 Northumberland Street, NewcastlePosted on November 25, 2012
Clay Street advised a UK pension fund on the acquisition of 26-34 Northumberland Street Newcastle.
The asset is an imposing period building situated on the prime trading location opposite Fenwick’s department store in Newcastle city centre.
The ground floor retail units are occupied by Burger King and Greggs, the uppers sold on a long lease to a serviced apartment operator. The Greggs unit is reported as being one of the busiest trading Greggs outlets in the UK, the Burger King is operate by one of the largest UK BK franchisees and is currently applying for a 24 hour licence to meet the demand of trade.
At the time of purchase the leases provided a WAULT of 12.25 years and the purchase price of £8,650,000 reflected a net initial yield of 6.6% after costs.