North East Connected

Trophy Newcastle city centre building sold for £4m

Cushman & Wakefield has advised DTZ Investors on the sale of 42 – 50 Grey Street in Newcastle city centre, a prime Investment and development opportunity for £4,055,000.

The trophy city centre property comprises prime leisure accommodation at ground and basement level let to Azzurri Restaurants Limited t/a Zizzi’s for a further 8 years, with 9,419 sq ft of office accommodation on the upper levels available for immediate refurbishment or redevelopment.

The property which produces an annual income of £180,300, has been purchased by a private owner occupier.

Peter Atkinson, Partner at Cushman and Wakefield said: “We are very pleased to secure this great result for our clients. With over 15 interested parties inspecting the property and a highly competitive bidding process, the sale further demonstrated the very positive depth of investor demand for Newcastle and Grey Street in particular.”

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