Acting on instructions from Worthington Properties, Cheetham & Mortimer have successfully sold the freehold interest of the new standalone M&S Simply Food unit that was constructed last year in this popular suburb of Newcastle-Upon Tyne.
The property was purpose built for M&S and was let for a term of 20 years at a rent reflecting approximately £22.70 per sq ft. This property exemplifies all the active requirements for modern convenience retailing; namely a strong regional centre, a prominent position fronting a main arterial road and opposite a bus/train travel interchange, adjacent to a large foodstore (Asda) and a supply of on-site car parking. After a competitive bidding process, terms were agreed with a trust fund at a price reflecting a net initial yield of 4.7%.
Robert Millington, lead Partner of investment, commented “the outcome of this sale exceeded our expectations and underlines the strength of demand for high quality product that is synonymous with the M&S brand”.