Nuveen sells Darlington’s Binns building

Nuveen has completed the sale of the former Binns department store building in Darlington, County Durham, for an undisclosed price.

The asset – which is currently occupied by way of license by House of Fraser – totals approximately 145,556 sq ft arranged over lower ground, ground, and four upper floors.

The property is situated on the junction of Blackwellgate and High Row at the southern end of the town’s main retailing area, and benefits from frontages on to Blackwellgate and Mechanics Yard. It is located less than 200 metres from the Cornmill Shopping Centre, the town’s main shopping destination. Other nearby occupiers include Boyes, Greggs, Caffe Nero, and Darlington Covered Market.

With House of Fraser set to vacate the property by December, the building is expected to be repurposed for an alternative use. Options include a new lease for an alternative occupier, the creation of a mixed-use development, or the introduction of a leisure operator.

The asset was originally listed with an asking price of £1m, reflecting a capital value of £6.87 sq ft.

Cited Property acted for Nuveen, whilst Parker Barras acted for the purchaser.