UK Commercial Property Trust has announced that it has separately acquired two new properties. The first is the Central Square office building in Newcastle, which has been acquired at a cost of £21.6m, which reflects a net initial yield of 6.4%. The building, which has 72,389 square feet of office space is multi-let to a range of corporate tenants, producing a combined passing rent of £1.45m per annum. It has a WAULT of 8.8 years. The building is located in the new Stephenson Quarter development in central Newcastle, adjacent to the Crowne Plaza hotel and opposite Newcastle Central railway station. The manager’s say that it is widely regarded as one of the city’s best office buildings, having won a British Council for Offices Award for Best Refurbished Workspace.
The second is a 140,000 square foot leisure scheme in Glasgow’s city centre, which has been acquired for £29.2m. The managers say that the complex is anchored by a 100,000 square foot Cineworld cinema on a long term lease, with a further 30,000 square feet of leisure accommodation across three units. They also say that the current rent is £1.66m per annum and that this has scope for further income growth through a range of asset management initiatives, including re-letting the vacant basement leisure unit and reconfiguring the first floor leisure unit.
UK Commercial Property trust acquires properties in Newcastle and Glasgow : UKCM