Sintons completes significant central Newcastle property purchase
The city centre property, which houses a retail unit and is partly unoccupied, has been purchased by a family-owned property business with an extensive portfolio across the UK.
The building will continue to house its current tenant, a prominent national retailer, and the new owners will look at options for the remaining part of the building. Development is one avenue the business is currently considering.
The purchase, for an undisclosed sum, was completed by the real estate team at Sintons and marks one of the most significant retail property transactions in Newcastle in recent months.
“This is a prime site in Newcastle city centre and an excellent strategic addition for us. We have a long-standing tenant in the site and they will continue to occupy their unit, but we will be looking at options for the rest of the building,” said the new owner.
“Newcastle is a fantastic city with a national and international reputation for its retail, leisure and residential offering, so we are delighted to add such a prestigious address within NE1 to our property portfolio.”
“This is an excellent acquisition for our client, who have added a very prominent site in Newcastle city centre to their extensive portfolio. They have many options for the unoccupied parts of the building, which they will explore in due course,” said Alok.
“This is one of the most significant retail acquisitions in central Newcastle for some time, and certainly since the outbreak of the Coronavirus pandemic, and we worked throughout the lockdown period to complete this deal for our client. We are very pleased to have enabled them to acquire the site.”