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.