A prime city centre office and leisure investment in the heart of Newcastle’s traditional office core and leisure pitch has come to the market.
Lloyds Court and 52-60 Grey Street comprise 46,960 sq ft of office and retail space.
The two adjoining Grade II listed buildings were constructed in the 1830’s and comprise five storeys of office space with retail/leisure units on the ground floor.
Cushman & Wakefield’s Newcastle office has been appointed to find a purchaser for the asset, with offers being sought for in excess of £13.6 million.
The building is home to a diverse number of tenants including, Northern Electric, Nigel Wright Consultancy, Las Iguanas and Sk:n clinic which contribute to a passing rent of £1,012,679.60
Grey St is widely regarded as one of the finest streets in Europe and long been regarded as the heart of Newcastle’s traditional office core, with many buildings having undergone extensive redevelopment provide modern flexible office accommodation.
Peter Atkinson, Partner in Cushman & Wakefield’s Capital Markets team in Newcastle said: “This is a rare opportunity to acquire one of the best located and prestigious assets in Newcastle with significant value add potential.”