Newcastle's Pitcher and Piano sold for £7.5m

Newcastle's Pitcher and Piano bar, on the Quayside, has been sold to a Southern pension fund for £7.5m

The Pitcher & Piano pub and restaurant in Newcastle
The Pitcher & Piano pub and restaurant in Newcastle

The Pitcher and Piano bar on Newcastle Quayside has been sold to a firm of London property investors, acting on behalf of a pension fund.

The £7.5m deal represents a net yield of 4.35% for pub chain Marstons plc, and is well above the £6.6m asking price.

Property firm CBRE brokered the deal following the bar’s sale launch in January.

The legal team representing Marstons was Shoosmiths LLP, while Ashurst acted for the purchaser.

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