A bumper year for Knight Frank Newcastle has seen the agent take the top spot for the most property investment deals transacted in the North East in 2017.
Knight Frank handled an impressive 22 investment property deals, worth in excess of £110m. This is the most deals of any agent in the region and represents 1.2m sq ft of space.
The two biggest deals were No 2 St James Gate - a £20m acquisition where Knight Frank acted on behalf of purchaser, Palace Capital Plc; and the £16.15m sale of the Royal Mail Sorting Office in Gateshead where Knight Frank represented landlord BMO Global Asset Management LLP.
The St James Gate transaction saw 99,249 sq ft of multi-let, city centre Grade A office space sold at a net initial yield of 8.25%. The 207,812 sq ft Royal Mail Sorting Office on the Team Valley was sold at a net initial yield of 5.22% and is let to Royal Mail for 13.5 years.
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The Capital Markets team, based on Newcastle’s Quayside, is headed-up by partner Dickon Wood and works on behalf of a wide range of clients including pension funds, property companies and private individuals.
Dickon Wood, partner at Knight Frank, said: “There is still a plenty of global wealth in the market for investment property. The North East remains an attractive place to invest compared to the rest of the regions due to the discount it offers in terms yields.”