Mitchells & Butlers, Newcastle

Prime freehold leisure investment opportunity on a long, index-linked lease

On behalf of a private client, leisure investment specialists Bruce Gillingham Pollard and Coffer Corporate Leisure jointly completed the acquisition of a flagship leisure investment in Newcastle Upon Tyne for £2.85 million in an off-market transaction.
The landmark, Grade II Listed Building, located at 26 Mosley Street, occupies a prominent position in the City Centre in the main leisure circuit. The ground and basement are let to Mitchells & Butlers on a long, index-linked lease. This is an extremely defensible asset - prime real estate in the heart of Newcastle’s traditional leisure circuit, let to one of the market leading operators
Investors are looking further afield to achieve attractive returns which has enhanced appetite for assets in strong regional cities such as Newcastle, Manchester and Leeds. The property was acquired for a price of £2,850,000 which reflected a net initial yield of 6.00%.

Property Detail

The landmark, Grade II Listed Building, sits on the corner of Mosley Street and Dean Street in the heart of the city centre and close to Grey Street, traditionally Newcastle’s premier business address. The ground floor, which was once famed for being Ant and Dec’s bar The Lodge, is now occupied by Miller and Carter Steakhouse.
Bruce Gillingham Pollard advised the client to undertake major refurbishment of the three upper floors and loft space, which will provide more than 9,000 sq. ft. of open plan office space.
Private Client
Please contact Harry Wills or Jack Barratt.