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- A rare opportunity to acquire a prominent, prime ‘trophy’ asset forming part of a substantial island site fronting onto Grey Street, Newcastle.
- Popular retail, office and leisure location immediately adjacent to Newcastle’s Theatre Royal and Byron Burger and opposite Carluccios, Harrys Bar and the Everyman Cinema. Eldon Square & Monument Mall are in close proximity.
- A landmark, Grade II* listed property comprising over 31,000 sq ft with an extensive 91ft frontage onto Grey Street.
- An impressive and substantial ground floor double height banking hall with an internal full height atrium.
- Securely let to Lloyds Bank Plc (5 A1 covenant) for a further 6.7 years.
- Freehold.
- Current income of £420,000 pax with the next rent review in June 2021.
- Potential to convert the upper parts for alternative use, subject to vacant possession and planning permission.
- Acquired for £6.625m reflecting a Net Initial Yield of 5.95% NIY.
