CBRE has completed £100 million investment transactions in H1 of 2014 following an increase in demand for commercial property.
CBRE’s Northern Capital Markets team have managed the sale of the iconic Pitcher & Piano public house on Newcastle Quayside for £7.55 million to a UK pension fund and the sale of the Tesco Bank call centre at Quorum Business Park in Newcastle for £17.5m to an overseas investor.
This is welcome news for the region’s property sector which CBRE’s senior director of Capital Markets, Alex Whiting states has experienced five years of ‘slumber’.
He said: “We are currently experiencing levels of investor interest not witnessed since before the recession. The improving economy across the north of England combined with the overheating London and South East investment market has focused investor interest on Yorkshire and the North East.
“The two significant North East transactions are incredibly positive news for the region and demonstrate that the investment market is definitely back in business.“