Birtley retail asset hits the market
A 59,000 sq ft Morrisons along with three retail units has been priced at £16.5m, with Colliers and Lewis & Partners appointed on the sale.
Located on Durham Road in Gateshead and seven miles south of Newcastle, it was developed and constructed by Morbaine in 2014.
The three smaller retail units are let to Card Factory, Subway, and The Children’s Society and front onto Durham Road.
The annual income from the properties is around £1,148,000 with the price reflecting an initial net yield of 6.5%.
Morrisons has recently recommitted to the site and is tied into its contract at the destination for another 20 years, expiring in 2045.
Nearby occupiers include Greggs, B&M, Savers, and a Post Office, and the retail park, which has more than 300 car parking spaces, has no direct shopping competition within a five minute drive.
