PRIVATE CLIENT 72 -84 Grainger Street Newcastle upon Tyne, NE1 5JQ CITY CENTRE RETAIL PARADE INVESTMENT IN NEWCASTLE 72 -84 GRAINGER STREET, NEWCASTLE UPON TYNE, NE1 5JQ CITY CENTRE RETAIL PARADE INVESTMENT IN NEWCASTLE Investment Summary • Fully let City Centre retail parade located in a ‘top 6’ retailing city • Current rent passing of £269,000 p.a. • Very attractive Grade II* Listed Georgian building situated on the main • Located in an established retailing destination in the City Centre which is thoroughfare between Newcastle Central Station and Elden Square experiencing considerable investment • The property comprises five retail units and a bar totalling approximately 9,964 sq ft • The property is held on a long leasehold basis for a term of 999 years from January • Tenants include Regis UK Limited and Vaulkhard Leisure Limited which trades 2005 at a peppercorn rent. as the popular and established ‘Mushroom Bar’ • Offers sought in excess of £3,000,000 (Three Million Pounds) subject to contract • Weighted average unexpired lease term of 7.13 years to expiry and 5.49 years and exclusive of VAT. A purchase at this level would reflect a net initial yield of 8.42% to break assuming usual purchaser’s costs of 6.45% For identification purposes only. M i l t B o 1 n 6 B C 0 1 l 0 o 3 1 s S e t 8 o d d ce d a ra T er ar o e t t R n e S a o e M t i t r ilto r t r s n d Pla e o S d c e e a ( ) r t 167 M a l t c o e i t G R s V e d n h r e C e o t f u e y Q e r d t M n i lt S o n a Gr d e l S t e CIVIC e i S n h n S o 72 -84 GRAINGER STREET, NEWCASTLE UPON TYNE, NE1 5JQ CENTRE CITY CENTRE RETAIL PARADE INVESTMENT IN NEWCASTLE r y B t S N a p ia S cy t r e P l ary’s P 7 St M 0 CITY CAMPUS 3 1 F B a l c aymarket o M PEDESTRIAN n t a FOOTBRIDGE r e e S r t t r S e e n t e Newcastle City Hall d m a C N O R T Newcastle HU 09 Dur B13 an e t ac MB R r d r e t T S E n SCHOOL OF so e R PRINCESS p c Located on the north bank of the River Tyne, the City of Newcastle- n ELDON L i m A S e DESIGN r t N a SQUARE l J S o D r SQUARE C h upon-Tyne is the regional and economical capital of the North-East ST JAMES a n S n T D o c R o l PARK b a E t W F of England. The City benefits from some 280,000 residents and ge S s E rid o B n e St T ew A193 New Bridg N S t forms part of the wider Tyneside conurbation. Newcastle is the North Manors M te East’s primary retailing, leisure and office destination and is located ga Monument M ow ll 0 a N t S 0 G t A B1311 e e 6 N k r w e r lson Ma g 1 a approximately 280 miles (451 km) north of London, 100 miles (160 km) g y St B l e t 167(M) e P S t t i l g S S CITY north of Leeds and 109 miles (175 km) south of Edinburgh. r t i t n r m n S H e o xto o ward St e u s S B t G CENTRE t b i r t e t G y S The City benefits from excellent transport links being located in S e rn n S Manors u bo o t el t N M y u a n Whitley Bay l St T Newcastle close proximity to the A1 and A19, providing access to both the C S t R International S N E r e G A1 ia w St Airport r G N e north and south of the UK and the A69 connecting the city to Carlisle a I rn Ouston A696 t A u A68 e G lbo A19 w F S R r e Airfield Tynemouth o t e G M L B y 186 13 S A Pi Gosforth and Cumbria to the west. Rail services are provided via the East 0 t lgr d t 7 im S R A1058 S G t ity South r C n eat to M 86 A69 Coast Mainline from Newcastle Central with quickest journey times y ark t 1 Shields la e S A NEWCASTL C t y sle A69 Newburn o M UP T Jarrow to Sunderland, Edinburgh and London Kings Cross of 19 minutes, A1 W 6 est 8 D gat 1 e A1300 e Rd A a hurch Y n 167(M) C a S A184 c’s rd 1 hour 27 minutes, and 2 hours 50 minutes respectively. Ni t A194 S t A1 86 W t Gateshead estg d S S W a t o te R o N t d w A1018 S g i Gatehead Millennium Bridge Newcastle International Airport is located 6 miles north west of in c 0 ll h 0 n o S 6 C o id 1 A1 A1 (M) o B la e t s e A19 y id A1231 the City Centre on the outskirts of Newcastle. The airport handles W ’ s a l S y e t a C s u A692 t tg Q A694 le S a t 0 l t S vi e 0 Ne R n 6 approximately 4.8 million passengers annually with direct routes to d e 1 A68 86 e B SUNDERLAND 1 u A A Q 1 6 80 UK, European and International destinations. ewcastle 7 T ill y A693 dh n A1018 rth St n e Fo Sa B r id Chester-le-Street g e A 1 6 7 A690 A167 A1 (M) A19 00 16 B A691 se lo C B1 nks 60 h Ba 0 Fort Durham NewcastleA68 Retail Market The City of Newcastle-upon-Tyne has a population of approximately 280,200 and an estimated shopping population of 616,000 ranking it th rd A179 6 out of the PROMIS centres. The town ranks 3 out of 200 centresHARTLEPOOL A688 in terms of the volume of comparison retailA167 spend available in the Bishop A19 catchment area. A1 (M) Auckland A689 A177 City Centre retail floor space in Newcastle is approximately 2.6A689 million sq ft of which approximately 1.456 million sq ft is located A6072 Billingham Redcar within The Intu Eldon Square ShoppingA68 Centre. The Intu Eldon Square is considered Newcastle’s prime retailing pitch, overtaking in recent years the historicA688 prime pitch of Northumberland Street, between MIDDLESBROUGH MarksBarnard & Spencer and Fenwick, located to theA167 east of the shopping Castle A66 centre. In the newly refurbished Monument Mall a further 105,000 sq ft A171 A67 of upmarket retailers can be located. Darlington A66 Durham A66 Tees Valley International Airport A1 (M) A172 Local Development A19 In close proximity to the subject property, bounded by Grainger A1 Street, Clayton Street and Falconer’s Court, is the ongoing £100m redevelopment of the Newgate Centre by McAleer & Rushe. The development will include a new 269-room ‘luxury business hotel’, 575 modern student flats and 2,000 sq m of commercial space for retail, leisure or professional services use. It is expected the development will have a considerable positive effect to help improve the local commercial retail rental market. Newcastle upon Tyne - Central 72 -84 GRAINGER STREET, NEWCASTLE UPON TYNE, NE1 5JQ ELDON SQUARE NORTHUMBERLAND STREET GRAINGER MARKET Situation The property is located on the east side of the southern section of Grainger Street approximately 0.3 miles south of the City Centre. The building occupies a prominent end of terrace corner position at the street’s intersection with Bigg Market. Grainger Street consists of a mix national multiples and local traders providing the main thoroughfare between Newcastle’s Grey’s Monument to the north and Newcastle Central Station to the south. Bigg Market, in which the street intersects, is a former historic marketplace and a popular night time destination with a number of pubs, bars and restaurants. Newcastle’s retailing core which includes the prime pitches of Eldon Square and Northumberland Street is located approximately 5 minutes to the north by foot. Monument and Central Station Metro (Underground Rail) interchange is located approximately 5 minutes to the south and there are a number of bus stops along Grainger Street which offer regular bus services across the city. Nearby retailers to the subject property include TJ Hughes, Wilkinson’s, Maplin, Bonmarche, Debenhams, Tesco, McDonalds, Barclays, TM Lewin, Carluccio’s, Costa and Greggs. NEWGATE CENTRE DEVELOPMENT* • 269 • 575 room • 2,000 modernsq m commercialluxury space VIET CAFE studenthotel flats DESCRIPTION *For identification The property comprises a Grade II* Listed Georgian building purposes only. arranged over basement, ground and four upper floors. The ground floor comprises four retail units all benefiting from frontages onto Grainger Street. 72 Grainger Street also benefits from a return frontage onto Bigg Market.