A Tyneside retail parade owned by the Duke of Northumberland has been sold to a private investor in a deal worth £1.5m.
The five units at North Tyneside Quorum Park – rented to Greggs, Bento Box, Marabino Ciro Ltd, Eat @ Quorum Ltd and Shelborne Quorum Ltd – have been sold by Northumberland Estates Ltd, the business interests of the Duke, in a deal secured by Avison Young.
The fully let retail parade extends to almost 10,000 sq ft at Dukes Walk, Quorum Business Park, Newcastle from Northumberland Estates Ltd. The retail investment property was built in 2011 and is held on a long leasehold basis for a term of 125 years from 2004.
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The passing rental is £134,187 each year and the purchase price reflects an initial yield of 8.43%. Tenants at Quorum Park include Tesco Bank, Greggs, Capita, Balfour Beatty, Sitel, Engie, TSG, and DVLA.
Jamie Sim of the investment team at Avison Young, Newcastle, said: ‘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. 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 said: “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.”
