Ward Group Investments has acquired the Grade II listed 104-108 Grey Street and 1 Hood Street in Newcastle city centre in an off-market deal for a multi-million-pound sum.
The historic four-storey building is primarily let to Newcastle-born END Clothing as its flagship 13,638 sq ft store, along with Clarke Mairs LLP and Rohan.
Katy Blair, asset manager at Ward Group Investments, said: “Rarely does an opportunity arise to acquire such a landmark asset in Newcastle city centre. This acquisition aligns with our strategy of securing high quality assets with value-add opportunities in the North East. We’re passionate about the heritage of 106 Grey Street and 1 Hood Street, and the regeneration of Newcastle city centre as a whole, and we’re looking forward to moving forward with our vision for the future of the property.”
Jamie Sim, associate director, capital markets at Avison Young, which advised Ward Group, added: “We are very pleased to have advised Ward Group Investments in the off-market acquisition of this trophy property and look forward to seeing them implement an active asset management plan going forward. This significant acquisition comes as Newcastle City Council continues to deliver on its vision to transform the city centre, and it’s great to see this investment in the future of one of the city’s most important heritage buildings.”
Peter Atkinson, director, investment at Savills, which advised the vendor, said: “It’s fantastic to have secured this sale for our client, in line with their business plan and particularly given the strong local significance of the building. 104-108 Grey Street and 1 Hood Street represents one of Newcastle’s most recognisable and architecturally important assets, and it’s fitting that ownership has transferred to a locally-based investor.
“This transaction underlines the continued strength of investor appetite for high-quality, well-let heritage assets in the city centre, and reflects the ongoing confidence in Newcastle’s commercial market and its future growth potential.”
