Sanderson Weatherall helps with sale of landmark Newcastle site
On behalf of Co-operative Group, Sanderson Weatherall have sold the iconic Grade II listed former Co-op Department Store to the National Grid UK Pension Scheme for £9M.
The building, on Newcastle’s Newgate Street, has been a feature of the city’s skyline since it opened in the 1930’s.
Sanderson Weatherall’s Newcastle-based team represented Co-operative Estates, part of the Co-operative Group, in the sale, which also includes the adjoining NCP car park and Landmark Chinese restaurant in Stowell St.
A comprehensive refurbishment of the former department store is now planned to provide retail and leisure uses on the ground floors, a Gym to be operated by the Gym Group at basement level and a hotel on the upper floors operated by Premier Inn.
Bob Fletcher, Director at Sanderson Weatherall, who acted for Co-operative Group said: “This transaction clearly demonstrates the attraction Newcastle upon Tyne still holds as a centre for leisure and retail uses and for inward investment by a major pension fund.
“Our instruction began 12 months ago and it has been a privilege and a challenge to have worked on such an iconic building with so many complex intricate issues.”
Geoff Player, Director of Commercial & Investment Property at The Co-operative Group, said: “We are delighted to have completed this significant transaction which will ensures the rejuvenation and beneficial use of this landmark building for many decades to come.”
This was posted in Bdaily's Members' News section by Recognition PR Business Team .
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