Offers over
£4,500,000
(£176.01/sq. ft)
Retail premises for saleGreat Park Retail Centre, Newcastle Upon Tyne NE13
25,567 sq. ft
About this property
Guide Price: Offers in excess of £4.5m
Net Initial Yield: 9.05% (after purchaser’s costs)
Passing Rent: £433,880 p.a.
WAULT: 6.8 years to expiry / 3.1 years to break
Size: 26,567 sq ft across four purpose-built retail parades comprising 20 units
Occupier Mix: Well-diversified mix across convenience, health & beauty, leisure and F&B.
Reversionary Potential: Current portfolio rents average c.£16 psf, with Branton South achieving rents in excess of £20 psf.
Location: Newcastle Great Park is a significant and expanding residential development, expected to provide approximately 4,500 homes, creating a substantial and growing catchment.
Overall, the opportunity provides an attractive combination of strong initial income, a diversified tenant profile and rental growth/reversionary potential, with the wider residential (truncated)
Occupier Mix Across Four Purpose-Built Parades
Investment Summary:
-Newcastle Great Park Town Centre comprises four Freehold purpose-built retail parades - Middleton North, Middleton South, Branton North and Branton South -totalling 20 units across 26,567 sq ft.
A well-diversified occupier mix spanning convenience, health & beauty, and food & beverage uses, including pharmacy, dental, gym, soft play and F&B operators.
Passing headline rent of £433,880 per annum reflecting £16.33 psf as incentive periods expire.
WAULT of circa 6.8 years to expiry and circa 3.1 years to first break (rent-weighted), providing a spread income profile.
Reversionary potential across the scheme, with Branton with 6.8 yrs South achieving headline rents in excess of£20.00 psf against a portfolio average of £16 psf.
We are instructed to seeking offers in excess of£4,500,000 (Four Million, Five Hundred Thousand Pounds subject to contract and exclusive of VAT, for our clients freehold interest.
A purchase at this level reflects a Net Initial Yield of 9.05% after purchaser’s costs of 6.57%
Situation:
Newcastle Great Park is one of the North East’s largest residential development schemes, extending to approximately 1,200 acres just 3 miles north-west of Newcastle city centre. The development is expected to provide approximately 4,500 homes, creating a substantial and growing residential catchment.
The Town Centre forms the heart of the community, comprising approximately 26,500 sq ft of retail and leisure accommodation across four blocks, residential accommodation above and centred around an attractive pedestrianised town square. The scale of the wider development and continued residential growth provide an attractive investment proposition, with the Town Centre well positioned to benefit from increasing local demand.
VAT: The property is elected for VAT and it is anticipated that the transaction will be treated as a Transfer of a Going Concern (togc).
Offers sought in excess of £4,500,00
Net initial yield 9.05%, potential reversionary to 10% after standard purchaser's costs
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