Avison Young advises Ward Group on Newcastle investment
The investment group has made the off-market acquisition of 104-108 Grey Street, a grade two-listed building near to Grey’s monument.
The 52,000 sq ft four-storey building is primarily let to local business END Clothing with its 13,500 sq ft store occupying the ground floor.
The deal also includes 1 Hood Street, which has law firm Clarke Mairs LLP and outdoor clothing company Rohan as tenants.
Savills acted on behalf of the vendor.
Newcastle’s commercial property market has seen significant redevelopment and strong tenant demand in recent years, with Grey Street remaining one of the most sought-after city centre locations in the North East.
Katy Blair, asset manager at Ward Group Investments, said: “Rarely does an opportunity arise to acquire such a landmark asset in Newcastle city centre.
“This acquisition aligns with our strategy of securing high-quality assets with value-add opportunities in the North East.
“We’re passionate about the heritage of 106 Grey Street and 1 Hood Street, and the regeneration of Newcastle city centre as a whole, and we’re looking forward to moving forward with our vision for the future of the property.”
Jamie Sim, associate director, capital markets at Avison Young, said: “We are very pleased to have advised Ward Group Investments in the off-market acquisition of this trophy property and look forward to seeing them implement an active asset management plan going forward.
“This significant acquisition comes as Newcastle City Council continues to deliver on its vision to transform the city centre, and it’s great to see this investment in the future of one of the city’s most important heritage buildings.”
Peter Atkinson, director, investment at Savills, added: “It’s fantastic to have secured this sale for our client, in line with their business plan, and particularly given the strong local significance of the building.
“104-108 Grey Street and 1 Hood Street represents one of Newcastle’s most recognisable and architecturally important assets, and it’s fitting that ownership has transferred to a locally-based investor.”
Ward Group Investments is a private family office based in Durham, with assets throughout the North East of England and the United Arab Emirates.
