Sought after retail parade investment in Jesmond acquired by Johnson Tucker
28-38 Acorn Road, a highly sought after parade of shops in the popular Newcastle suburb of Jesmond occupied by Groves Estate Agents, Navaho Coffee and Greggs among others has recently been sold for £1.91m reflecting a net initial yield of 6.24%.
The property was purchased by a local property company, advised by Johnson Tucker LLP and sold by a private client, advised by McGillivrays Chartered Surveyors.
Daniel Capobasso, Partner at Johnson Tucker commented: “We are very pleased to have been able to secure this deal for our client, particularly in an extremely competitive market. The investment was understandably in high demand with limited good quality stock around – it’s an excellent addition to my clients portfolio”
The stylish upmarket area is shared by students and families so there is a great mix of locals and residents. The town is full of restaurants, cafés and a line of bars along Osborne Road.
Being just a 10-minute walk away from the city centre, it is great for those who have to commute to work every day.
The property comprises a diverse range of retail occupiers and Acorn Road is filled with a variety of retail offerings, including Waitrose, Tesco, Caffé Nero, Oliver Bonas and a number of local boutiques and shops.
Magnus McGillivray, Director at McGillivrays Chartered Surveyors also commented: “The disposal again provides evidence of significant demand from private investors in the North East.
“The property is ideally located with an excellent tenant profile so unsurprisingly interest for the property was extremely strong and we received a large number of offers. My client was very happy with the result.”