On behalf of asset management clients, HTA Real Estate is pleased to announce the successful acquisition of 2-10 Cross Street and 9-10 Charlotte Square in Newcastle upon Tyne. This significant leisure investment and development opportunity was acquired for £1,300,000 following a discreet off-market, marketing exercise.
The property comprises a collection of interconnecting buildings providing a total area of c. 11,855 ft² of accommodation. Currently, the ground and first floors of the Cross Street premises are let to a restaurant tenant with index linked, 3 yearly reviews. The upper floors are vacant and offer immense development potential within this thriving academic and commercial landscape, situated near major regeneration projects such as Newcastle Helix. The property’s versatility is evidenced by previous planning permission for a forty-four bed hotel, as well as separate design proposals for a fifty-five bed student or residential apartment scheme.
Douglas Cranston commented, 'We have been working closely alongside an asset management client to add further redevelopment opportunities to their portfolio. We were pleased to acquire this asset off-market, which will complement the clients existing development pipeline of student redevelopments. Alongside the acquisition, we have managed to carry out asset management with the leisure tenant to increase value immediately, which was pleasing. We are keen to see similar opportunities in the city centre that would work for our client.'
