Union Property Services sell completed supermarket to Lidl GB
Union Property Services Ltd today announced the sale of the new superstore on Benton Park Road, Newcastle upon Tyne to Lidl GB, for an undisclosed sum.
Formerly occupied by DIY retailer, Wickes, the building was recently transformed into a new food store as part of the discount supermarkets ambitious expansion plans across the nation. Initially leased to Lidl, the investment has now been sold and the asset transferred directly back to Lidl GB.
Raj Sehgal, Director of Union Property said: “We are very pleased to agree this transaction with Lidl GB, who we consider to be one of our best development partners. Newcastle is our home city and has always been a very strong market for us. Together, we have transformed this site into an asset for the city and something fit for the future. Lidl provides great quality products at a competitive price point and the new store has already been a big hit in the local area.
We are on programme to deliver our next superstore for Lidl, a 23,000 sq. ft. unit in Hexham, Northumberland which is set to open in Spring next year”.
Union Property Services Ltd sell Private Apartments to Middle Eastern Fund
Union Property Services Ltd today announced the sale of 315 private apartments at Leazes Terrace in Newcastle upon Tyne to a middle eastern fund, for an undisclosed sum.
Comprising 258 bedrooms and 57 studios, Union Property purchased the Grade I listed building from Newcastle University in 2019, before embarking on a refurbishment programme, to modernise the accommodation to perfectly match current expectations.
Conveniently located within 4 minutes walk of Newcastle University’s main campus and in very close proximity to Northumbria University, accommodation within the development has been opened up to the young professional market, diversifying the investment potential for the site.
Raj Sehgal, Director of Union Property said “It’s fantastic news that we’ve been able to agree this deal, particularly in the current environment. Newcastle is our home city and has always been a very strong market for us. Freshly remodelled, Leazes Terrace is a great product at a competitive price point, which has already been a real hit. The new owner has seized upon a fantastic opportunity in the North East’s investment market”.
The refurbishment work was carried out by Ryecroft Holdings Ltd as a Joint Venture arrangement with Union Property Property Services Ltd.
Innside by Melia, Newcastle – 20 June 2019
We’re pleased to see the sun come out – and Robertson Group are making great progress.
The steel frame is now complete, with the first and second floors almost ready to receive the KingFrame steel framing installation.
INNSiDE by Meliá, Newcastle
Great progress at our Melia Newcastle project today.
The existing building has been demolished and the site prepared to receive the piling rig, all under bright blue skies.
Forward Funding Deal
A specialist property investor has agreed to forward fund a 161-room hotel in Newcastle, which is due for completion in 2020, and has acquired another venue on the banks of the River Tyne in the city.
Orchard Street Investment Management has completed the £38m transaction for the Travelodge Quayside hotel and the forward funding of a Meliá hotel development on behalf of St James’s Place UK. The combined purchase price reflects a net initial yield of 4.5 per cent.
Due for completion in summer 2020, the Meliá development is a purpose-built hotel with 161 rooms on seven floors.
The venue, to be operated under the company’s INNSIDE brand, will also contain a restaurant, bar, fitness suite and conference facilities. The asset has been pre-let for a term of 25 years and will be subject to five-yearly inflation-linked rent reviews. The adjacent 120-room Travelodge Quayside hotel opened in November 2017 and also includes a restaurant and bar. Travelodge pre-let the entire building for a term of 25 years, with five-yearly inflation-linked rent reviews.
Orchard Street was advised on the transaction by Whitmarsh Holt Young, while seller Union Property Development was advised by Lambert Smith Hampton. Harry Buxton, acquisitions manager at Orchard Street, said: “Newcastle’s appeal as a business and tourist destination continues to strengthen.
“These acquisitions provide a strong foothold in Newcastle’s hotel market and, with the hotels benefiting from high-quality covenants and long lease terms with minimum rental uplifts, the assets will provide stable income returns for our client.”
Managing director of Union Property Development Raj Sehgal added: “We are thrilled to have completed these transactions with Orchard Street and are proud to be able to bring high-quality developments such as the new Travelodge and Meliá INNSIDE hotels to Newcastle; which in turn will create jobs and bring this prime area of the city to life.”
Work Commences on Newcastle Quayside
Work has commenced on our brand new hotel on Newcastle Quayside as part of a multi-million development.
Operated by Spanish hotel group Meliá Hotels International, the four-star, seven-storey Innside Hotel is located next to our earlier Travelodge Hotel development, replacing the east wing of the former BT building, Bridge Court.
Construction of the new hotel, only the second Innside in the UK, is expected to be completed by summer 2020. The hotel will include a lounge, bar and restaurant, plus conference facilities, a fitness lounge and 25 car park spaces.
Raj Sehgal, director, said: “This development breathes new life into a substantial vacant building on the historic quayside. We now look forward to bringing the Innside hotel forward to complete this market-leading scheme. Union Property are focused on delivering best-in-class developments, and we are proud to bring this transformational project to our home city”.
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