Newcastle mixed-use asset brought to market with £8.9m guide price
The Bruce Building, at 101–115 Percy Street in the city’s Haymarket district, comprises residential, office, and ground-floor commercial accommodation within a historic building originally constructed for Newcastle Breweries at the turn of the 20th century.
Following a refurbishment completed in 2016, the upper floors provide 57 self-contained studio apartments.
The property also includes 10 office suites and a ground-floor commercial parade occupied by Butakun restaurant and The Hotspur public house.
Part of the building, at 115 Percy Street, is grade two-listed and retains a number of original architectural features, including stonework, stained glass, and decorative interiors.
According to Allsop, which is marketing the property, the residential accommodation is fully let, generating a gross annual income of £666,559 from a mix of student and private tenants. The studios benefit from C3 use, enabling lettings to both markets.
The commercial accommodation is largely occupied, producing a contracted annual income of £195,236, with one office suite currently vacant. When fully let, the commercial element has an estimated rental value of £217,736 per annum, bringing the property’s total potential annual income to more than £884,000.
The freehold is owned by Newcastle University, while the leasehold is marketed with no ground rent or service charge payable.
