We acted for the vendor Union Retail Properties on the simultaneous sale and forward funding of two adjacent hotels on Newcastle’s famous Quayside, totalling £38 million.
The yield achieved at sale of 4.50% represents a new regional benchmark for this sector.
Our involvement in the asset extends back to the site’s use as a vacant former British Telecoms office building, where we sold to Union, subsequently achieving planning consent for hotel use and then negotiating the disposal as an institutional-grade investment product.
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