The Reuben Brothers have boosted their Newcastle city centre property portfolio after snapping up a historic shopping and leisure arcade – their second big city acquisition in less than 18 months.
The billionaire brothers bought luxury retail building Monument Mall in 2021, using their property investment vehicle Motcomb Estates to buy the property. Now it has emerged the entrepreneurs’ same investment company has swooped for neighbouring Central Exchange, the Grade II-listed triangular retail and arcade property in the shadow of Grey’s Monument, which went up for sale in the summer for £11.75m.
The building was marketed by Clifton Agency, the same property experts who sold Monument Mall to the Reuben Brothers in May 2021, who said the sale was completed significantly above its asking price. Agents said Motcomb Estates came up against local and national bids for the building, which has 22 shops, and that bidding was extremely competitive.
