Johnson Tucker sells high-spec Grade II Listed residential investment in Newcastle city centre
In April 2018, Johnson Tucker completed the sale of 5-8 St James’ Street in Newcastle City Centre, comprising of four fully refurbished Grade II Listed terrace properties constructed in the Georgian era and sensitively refurbished to provide twelve very well-presented apartments. Daniel Capobasso, Partner at Johnson Tucker, who specialises in investment agency, acted to sell the building.
In 2015, Robbie Kalbraier’s team at Tyneside Developments, working for St. James’ Central Investments, received planning permission and Listed Building Consent to transform the dated offices into high-end residential accommodation. Decorative coving, mouldings and skirting were entirely replaced and upgraded to give the finished properties a real touch of class.
The entire building was refitted in terms of electrical and mechanical systems and replaced with modern installations, providing a high-end product. The kitchen and bathroom fittings were specifically selected to enhance the finished appeal of the development. The longevity of items including kitchen cupboard handles, toilet flush buttons, door closers and latches were selected for durability and a long-life.
Robbie commented on the building’s transformation: “It was a challenging, but enjoyable project and we are delighted with the way the properties have turned out. Instigating the regeneration of one of Newcastle’s most attractive city centre streets is something we are very proud of.”
Unsurprisingly, the property has been fully let since the development was completed in 2016 and is now pre-let for the academic year 2018-2019. All aspects of the development and subsequent lettings have been completed by Robbie’s Tyneside team.
Chris Wilkin of Walton Robinson acted for the purchaser, Chrome Classic Investments Limited, who purchased the building for £3.8m, reflecting a net initial yield of 6.79%. Aidan Sunter and Perry Atliotis, directors of Chrome Classic Investments acted swiftly and diligently to purchase the property in a timely manner.
Daniel commented on the recent sale: “The price tag accurately reflects the high-quality building and excellent location in Newcastle City Centre. It’s a fantastic result for my client, who can now move on to develop similar projects in the North East.”