Northumberland Estates sells retail units anchored by Greggs

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Northumberland Estates has sold a ground floor retail parade at Quorum Business Park on North Tyneside.

Avison Young, acting on behalf of a private investor, has secured the purchase of Dukes Walk.

The fully let retail parade extends to 9,892sq ft and comprises five multi-let units occupied by local and national covenants, including Greggs PLC, Bento Box (NE) Ltd, Marabino Ciro Ltd, Eat @ Quorum Ltd and Shelborne Quorum Ltd.

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The retail investment property built in 2011 is held on a long leasehold basis for a term of 125 years from 2004.

Quorum Retail Parade.Quorum Retail Parade.
Quorum Retail Parade.

The passing rental is £134,187pa and the purchase price achieved was £1.5million, reflecting an initial yield of 8.43%.

Tenants on Quorum Business Park include Tesco Bank, Greggs, Capita, Balfour Beatty, Sitel, Engie, TSG, and DVLA.

Jamie Sim of the investment team at Avison Young, Newcastle comments: “We are delighted to have advised our private client on the acquisition of the sole retail parade on the premier out of town office park in the North East.

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"The modern parade is anchored by Greggs and has an attractive tenant line up and yield profile that was well suited to our client’s requirements. I look forward to seeing their long-term plans for the parade.”

Neil Hart, group managing director of Bradley Hall, added: “We were delighted to continue to act on behalf of Northumberland Estates to add value and secure a successful sale of this outstanding investment opportunity at Quorum Retail Parade.”

The business park is located between Gosforth Park and Longbenton.

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