Clifton instructed to market Grade-II listed building.

Newcastle’s Central Exchange, a Grade-II listed retail asset, has been put on the market by its owner Royal London, React News can reveal.

The investor and fund manager has instructed property consultant Clifton to market the historic building in the city centre, which is being offered on a freehold basis for in excess of £11.75m.

The asset was originally built in 1837 and is also trisected by an ornate Edwardian shopping arcade built at the turn of the 20th century.

It includes a variety of 22 shops and restaurants over basement, ground and first floors, with occupiers including Cote Brasserie, Size?, Greggs, Scribbler and some independents.

Central Exchange has a WAULT of more than 7.29 years, with 73% of its income coming from national or regional multiple occupiers.

Clifton was founded by former CWM investment partners Ben Simpson and Jim Remfry in March following CBRE’s acquisition of the wider CWM business.

Other retail pitches to change hands in the centre of Newcastle in recent months include Buccleuch Estates’ purchase of an asset on Northumberland Street from NFU Mutual, as revealed by React News earlier this year.

Represented by Savills in an off-market deal, Buccleuch acquired 59-61 and 63-65 Northumberland Street, the city’s core pedestrianised shopping street, from the vendor, which was represented by Knight Frank.