£11.75m price tag on city’s Central Arcade
HISTORIC CENTRAL EXCHANGE GOES ON THE
ONE of Newcastle’s most famous buildings is on the market with a multimillion-pound price tag after its owners started a search for a buyer.
The triangular Edwardian plot Central Exchange has formed a focal point of the city’s Grainger Town area since the 1830s, and is now best known for its ornate Edwardian Central Arcade. The building’s basement, ground and second floors are now up for sale, with owners looking for at least £11.75m for the honour of being landlord of businesses including Nudo Sushi Box, Cafe Andaluz, Greggs, Scribbler and Size.
The Grade II listed Central Exchange in the shadow of Grey’s Monument is also being marketed by the same property experts who sold neighbouring Monument Mall to real estate entrepreneurs the Reuben Brothers.
Clifton Partnership LLP says the property represents the chance for investors to acquire a rare trophy asset in the heart of Newcastle, at a time when new developments are expected to increase footfall in the area.
Central Exchange includes 41,800sqft of accommodation set over the basement, ground and first floors of the grand building, which was originally built in 1837 but had to be rebuilt in the early 20th century after a fire in 1906.
The second, third and fourth floors have been previously sold off on long leaseholds, but this sale would see new owners take on the freehold of the rest of the building, including the ornate Edwardian shopping arcade. Tenants include JG Windows, Cafe Andaluz, Grey St Opticians, Naked Deli, Cote Brasserie and Greggs, which collectively bring in more than £1.06m in operating income each year.
Meanwhile, two empty shops – where Cath Kidston and Gloria Jean’s Coffees once traded – could soon reopen with new businesses, as both units are currently under offer.
Clifton said there is also potential to repurpose first floor offices for alternative uses.
The company’s marketing materials say: “The arrival of 9,000 staff into the new 463,000 sq ft regional centre will increase footfall past the subject property and enhance the vitality and viability of the nearby city centre retail core.”
It added: “The subject property comprises a prime island site in Newcastle city centre. Bordered by Grey Street, Grainger Street and Market Street, the property is perfectly placed between the 100% prime retail pitch at Northumberland Street and infamous Newcastle leisure pitch. Grey’s Monument, one of Newcastle’s best-known landmarks, sits across from the property on its northern corner.”