Parabola Estates has sold Central Square in Newcastle to a Guernsey-based UK commercial property trust for £21.6m – a net initial yield of 6.4%.
The 72,389 sq ft office building next to Newcastle Central railway station is fully let to tenants including Ove Arup Partners, Jackson Solicitors, Bilfinger GVA, Cushman & Wakefield and the Arts Council.
The combined annual rent is £1.4m.
Simon Beanland, senior director and head of investment at GVA, Newcastle, said strong interest in the building had resulted in a sale “significantly in excess of the initial asking price”.
Parabola was advised by GVA and Cushman & Wakefield; the purchaser was represented by Standard Life Investments.
