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Private investment firm acquires £3.25m Gosforth High Street retail parade

Halcyon Group, a Sunderland-based private investment body, has acquired eight retail units on Gosforth High Street for a fee totalling £3.25m.

The investment team at Newcastle-based Naylors Chartered Surveyors purchased the properties, ranging between 161- 183 Gosforth High Street, on behalf of the new owners.

The retail parade is let to a number of businesses including The Gym Ltd, which accounts for 47% of the property’s income and recently signed a new 15 year lease. Other tenants include Subway, Saks hairdressers and St Oswald’s Hospice as well as Bradley Hall and Andrew Craig Estate Agents.

Fergus Laird, head of investment at Naylors who acted on behalf of Halcyon, said: “Gosforth High Street is one of Newcastle’s most affluent suburbs, we were aware of this opportunity coming to the market and were very keen to secure a deal for our client given the strength of the location and the strong tenant mix, particularly The Gym Ltd who have recently floated on the stock exchange.”

He continued: “Our client has an excellent track record in acquiring commercial investments and as a cash buyer was able to complete the purchase quickly. We are actively looking for similar opportunities for a number of investors.”

The property was sold by Metcalf Harland on behalf of administrators.

Phil Garner of Halcyon commented: ’We are very pleased to have secured this fantastic opportunity which received a very high level of interest. We will be exploring a number of avenues to improve the asset value over the next few years.“

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