Catella Property Consultants - Newcastle-Upon-Tyne, Longbenton, Whitley Road

Date: 10 Jan 2002

Merchant Investors Assurance Limited, advised by Catella has sold the freehold in the Great Mills retail warehouse at Whitley Road, Longbenton, Newcastle-Upon-Tyne to private investors for £2.65 million representing a net initial yield of 7.76%.

The 2,787 sq m (30,000 sq ft) unit had 11 years un-expired on the lease. The rent was £217,500 per annum.

Trevor Brown of Catella comments: "Following Great Mills' acquisition of DIY operators Focus, there is now speculation that redevelopment of the site and adjoining vacant buildings may occur."

Mason & Partners advised the purchasers.

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