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Prime City Centre Retail Investment, Eldon Garden Shopping Centre, Percy Street, Newcastle upon Tyne, NE1 7RA

80,000 Sq Ft / Retail / Investment

For Sale - £4,950,000.00

Available - Last updated: 12 June 2024

Eldon Garden is a purpose built retail centre providing circa 80,000 sq ft of accommodation over 3 floors. The centre benefits from an extensive street frontage onto Percy Street which is home to a number of occupiers such as Tesco, The Goose Public House (Mitchells & Butler), Hunters Estate Agents, Mode Hairdressing and Pure Gym.
 
Internally the centre is a dual floor shopping mall with multiple retail units of various sizes and a large central restaurant/café. The internal mall is circa 60,000 sq ft. The property benefits from a purpose built service yard which allows street level access for deliveries off Percy Street and there are dedicated service lifts throughout the development.
 
The property benefits from a shell suite on the 4th floor alongside an existing management office which would be suitable for a roof top bar or restaurant, subject to planning and licencing.

Location

Eldon Garden is situated in the heart of Newcastle city centre on Percy Street and benefits from direct access into Eldon Square, and a 480 space integrated car park.
 
St James Park is situated circa 100m from the north west of the centre.
 
Being situated centrally within the City Centre means that Eldon Garden benefits from excellent public transport by bus and metro. Newcastle Central Station is also a short walk away.
 
Newcastle is the regional capital and administrative centre of the North East of England. The city has excellent communication links both nationally and internationally, being based on the A1(M) London to Edinburgh trunk road serving a wide catchment area of approximately 1.5 million people in 12 miles of the city centre, and Newcastle International Airport is just 7 miles from the city centre.
 
Newcastle is one of the most exciting cities in the North of England and is one of the major retail centres in the UK. The city benefits from extensive retail and leisure facilities and the strategically situated Eldon Garden is perfectly located to benefit from the vast investment coming into the City following the purchase of Newcastle United Football Club.

Accommodation

80,000 sq ft

Floor Areas - A full schedule of accommodation and CAD plans are available to interested parties upon request

Terms

Asking Price
The benefit of our clients long leasehold interest is available at an asking price of £4.95M subject to contract
 
Development Opportunity
Subject to relevant consents, Eldon Garden could be suitable for alternative uses.
 
Business Rates
Interested parties should satisfy themselves in respect of business rates payable on individual units in the centre.
 
Services
The centre benefits from all mains services including electric, gas, water and drainage. Interested parties should satisfy themselves with regard to the location of service installations in the centre.
 
Interest
The property is held as a long leasehold interest from Newcastle City Council. The lease is dated 28th September 1990, expiring 24th June 2101 and has a peppercorn rent.
 
Energy Performance Certificate
The sites has multiple EPC’s which are available by request
 
Tenancies
A full tenancy schedule is available to interested parties upon request. The main mall has been in majority let on licence agreements in order to keep flexibility for potential redevelopment/repurposing. The units on Percy Street include blue chip tenants such as Mitchell & Butler, Pure Gym and Tesco Stores, with the Percy Street element of the investment producing £490,086 per annum of income. The gross income of the centre is £615,162 per annum.
 
VAT
Any sale would be expected to be treated as a transfer of a going concern (TOGC).

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
  For Sale Leasehold £4,950,000.00 NA

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Contact agents

Eva Xydias

Peer Group Plc

020 3369 2589

Kevin McGorie

Sanderson Weatherall

0191 462 0343

Mike Birkett

Reid Birkett

0191 462 0335



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