Acting on behalf of Royal London Asset Management, Clifton Agency are pleased to report the sale of Central Exchange in Newcastle City Centre.
The disposal comprised 22 well configured shops and restaurants centred around a prime island site next to Grey’s Monument.
The building incorporates an impressive Grade II listed façade and an Edwardian shopping arcade that trisects the property.
After fierce competitive interest, the preferred bidder paid significantly above the asking price to secure this landmark freehold property.
The sale was a result of strategic advice provided to our client over the last 15 months which entailed detailed asset management and investment advice.
Ben Simpson at Clifton commented:
“Having grown up in Newcastle it was a real pleasure to advise Royal London on the disposal of this historic and extremely well known local landmark. To achieve such a positive result in a challenging market was a real testament to everyone involved in the sale.”
The sale of Central Exchange follows other notable transactions in Newcastle City Centre, where Clifton Agency sold Monument Mall for Abrdn in May last year and acquired 36-40 Northumberland Street for Sports Direct in March 2018.
For further information on these deals or help with selling commercial property in the North East, please contact the investment agency team at Clifton.
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