Avison Young acting on behalf of a private investor has secured the purchase of the ground floor retail parade at Dukes Walk, Quorum Business Park, Newcastle from Northumberland Estates Ltd.
The fully let retail parade extends to 9,892sq ft and comprises five multi let units occupied by local and national covenants, including Greggs PLC, Bento Box (NE) Ltd, Marabino Ciro Ltd, Eat @ Quorum Ltd and Shelborne Quorum Ltd.
The retail investment property built in 2011 is held on a long leasehold basis for a term of 125years from 2004. The passing rental is £134,187pa and the purchase price achieved was £1.5million, reflecting an initial yield of 8.43%.
Tenants on Quorum Business Park include Tesco Bank, Greggs, Capita, Balfour Beatty, Sitel, Engie, TSG, and DVLA.
Jamie Sim of the investment team at Avison Young, Newcastle comments. ‘We are delighted to have advised our private client on the acquisition of the sole retail parade on the premier out of town office park in the North East. The modern parade is anchored by Greggs and has an attractive tenant line up and yield profile that was well suited to our client’s requirements. I look forward to seeing their long-term plans for the parade’.
Neil Hart, group managing director of Bradley Hall said: “We were delighted to continue to act on behalf of Northumberland Estates to add value and secure a successful sale of this outstanding investment opportunity at Quorum Retail Parade.”
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