UK Commercial Property Trust has announced the £50.8m purchase of an office building in Newcastle and a leisure scheme in Glasgow.
Central Square in Newcastle, which features 72,389 sq ft of grade A offices, was bought from Parabola Estates for £21.6m – a net initial yield of 6.4%.
The city centre offices, located opposite Newcastle Central railway station, are multi-let to corporate tenants and have a combined annual rent of £1.5m.
In a separate off-market deal, UKCPT bought a 140,000 sq ft leisure scheme in Glasgow city centre for £29.2m.
Anchored by a 100,000 sq ft Cineworld, with a further 30,000 sq ft of leisure accommodation, the complex has a current annual rent of £1.7m.
