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Commercial Property

Newcastle city centre office Citygate II sold to new owners in 拢19m deal

Topland has swooped for the Gallowgate building as well as an office in Edinburgh, in a deal collectively worth £31.4m

Citygate II in Newcastle(Image: Vector Photography)

A prominent Newcastle city centre office has been sold to new owners in a deal worth more than £19m.

London based investment company Topland has swooped for Citygate II in Gallowgate, Newcastle, close to Helix and St James’ Park, a six-storey building with 63,000sqft of office space.

The building is 100% let to three tenants producing £1,592,000 rent every year, reflecting an average rent of £25.30 per sq ft. The building was acquired for £19.375m, reflecting a net initial yield of 7.80%.

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Topland has acquired it from the listed REIT EPIC managed by The Ediston Property Investment Company plc, which had bought the building in January 2016 for £18.95m.

The Tyneside property was acquired alongside an office in Edinburgh, 145 Morrison Street, which was bought for £12.06m.

Sol Zakay, chairman and CEO of Topland, said: “These are quality assets, very well located in dynamic office markets. They provide a strong WAULT (weighted average unexpired lease term), a strong tenant base and also offer optionality in terms of investment strategy.

“These latest acquisitions come off the back of a very busy year for Topland. On the equity side we have deployed over £240m in 2021 - our investment strategy continues to be deal-led with single and multi-let investments across the retail, industrial and office sectors.”