Gateshead supermarket-led retail asset handed £16.5m price tag
A food store investment opportunity in Birtley, Gateshead has been placed on the market with an asking price of £16,530,000, reflecting a net initial yield of 6.5%.
The asset comprises a 58,622 sq ft Morrisons supermarket along with three retail units let to Subway, Card Factory, and The Children’s Society. It is also supplemented by 312 car parking spaces.
The supermarket’s income is secured to Morrisons for a further 19.5 years with index-linked rent reviews, and the asset as a whole produces an annual rental income of £1,147,556.
Other nearby retailers include Greggs, B&M, Savers, and the Post Office.
Located 7 miles south of Newcastle, Birtley has a resident population of over 191,000 people, with over 663,000 people living within 10km of the asset. The subject property occupies a dominant position within the area, with no direct competition within a five-minute drive time.
Colliers and Lewis & Partners have been appointed to find a suitable purchaser.