Buccleuch Property have acquired a prime retail holding on Northumberland Street in Newcastle city centre for £2.80 million, reflecting a net initial yield of 6.44%. The stores are currently let to EE Limited and Laser Clinics, with a combined rent roll of £192,000 per annum.
Philip Eves of Buccleuch Property said “this off market deal is based in a prime location with strong growth prospects and adds to the diverse selection of properties we have purchased so far in 2022”.
Savills acted for the purchaser Buccleuch Property and Knight Frank advised the vendor, NFU Mutual.