Wittington Investments sells Newcastle retail block
Forge Commercial Property has sold a retail block in Newcastle on behalf of Wittington Investments (WIPL) to a French investment firm.
The property, located at 60-62 Northumberland Street, is located opposite the main entrance to Eldon Square and comprises 26,850 sq ft of retail accomodation.
The asset is fully let to Deichmann Shoes and Cotswold Outdoor on two new 10‑year leases, secured at rebased rental levels with a weighted average unexpired lease term of 8.93 years to expiry.
Jonathon Mills, equity partner at Forge Commercial Property, said: “With Forge having recently completed the new letting to Deichmann Shoes, it was great to help our long-standing client, WIPL, capitalise on this and achieve a successful sales process. The property attracted considerable interest from a range of UK based and overseas investors, which resulted in a competitive bidding process, culminating in a successful sale to a French SCPI.”
Knight Frank acted for the purchaser.