Building on Newcastle quayside sells for £10.1 million
LSH’s Newcastle-based capital markets team has advised on a major office acquisition in Newcastle.
Acting on behalf of UKRO, a Jersey-based UK regional office fund, LSH acquired the 35,686 sq ft Rotterdam House for £10.1 million reflecting a net initial yield of 6.43%.
Luke Symonds, associate director of capital markets at LSH Newcastle, said: “We have seen some keen yields on the Quayside and our acquisition of Rotterdam House on behalf of UKRO suggests the demand for well-let buildings in prime Newcastle locations continues.”
The five-storey building, which is situated in a prestigious riverside location close to the River Tyne with views of the famous Tyne Bridge and Millennium Bridge, is let to a range of occupiers including Regus, Ramboll and Stantec.