A North East real estate firm has brought a popular retail property back into local hands for the first time in eight years, following an off market deal.
Monument Real Estate, based in Newcastle, led the acquisition of Gosforth Shopping Centre in a £9.3m transaction, which had the backing of a consortium of local private investors. The deal came about following a direct approach by Monument to Custodian REIT which took over ownership of the centre last year, when it acquired the whole of Drum REIT.
It was previously part of an investment portfolio belonging to Sage Plc co-founder Graham Wylie, who sold it in 2014. The shopping centre, which extends to 74,000 sq ft with a car park on the second floor, is based on Gosforth High Street and all of the scheme’s 18 retail units are currently occupied, with supermarket Sainsbury’s taking up 33,000 sq ft. Other tenants include Card Factory, Costa, Savers, The Naked Deli, Boots and WHSmith.
