A historic shopping and leisure arcade in Newcastle has been put up for sale by its owners with a multimillion-pound price tag.
The Grade II listed Central Exchange in the shadow of Grey’s Monument is on the market for at least £11.75m – and it is being marketed by the same property experts who sold neighbouring Monument Mall to real estate entrepreneurs the Reuben Brothers. Clifton Partnership LLP say the property represents the chance for investors to acquire a historic trophy asset in the heart of Newcastle, at a time when new developments are expected to increase footfall in the area.
Central Exchange includes 41,800sqft of accommodation set over the basement, ground and first floors of the grand building, which was originally built in 1837 but had to be rebuilt in the early 20th century after a fire in 1906. The second, third and fourth floors have been previously sold off on long leaseholds, but this sale would see new owners take on the freehold of the rest of the building, including the ornate Edwardian shopping arcade.
