Naylors’ Investment department has completed the sale of 55 Degrees in Newcastle on behalf of long-standing client, Buccleuch Property.
It took just four weeks to sell the building, which has been managed by the Property Management team at Naylors for thirteen years. The mixed use property, comprising 165 apartments, two floors of commercial offices, a restaurant and bar, has been purchased by a private client of GVA at a price reflecting a net initial yield of 8.5%.
Since Buccluech’s purchase of 55 Degrees in 2005, a number of new tenants have committed themselves to the building including radio station Metro Radio and the digital agency Think.
In June 2017, Naylors completed the letting of one of the ground floor units to new pasta bar Zucchini Pasta.
The former Fat Buddha bar on the ground floor, meanwhile, was taken over by new owners earlier this year and converted into Alpine sports bar Antler and Asian restaurant Buddha.
Philip Eves, investment director at Buccleuch Property, said: “We have worked hard over the past few years to enhance the building, not just by securing a strong mix of commercial tenants, but also by introducing the first digital signage to the city with the arrival of cutting edge screen technology creating a new prime advertising site.
“The time was right for us to sell the building as it enters an exciting new chapter in the city’s development.”
Naylors’ Head of Investment, Fergus Laird said: “Given the iconic nature and strong tenant mix we experienced a high level of interest and we are very pleased to have concluded a very successful sale within only four weeks”.