Chartered Surveyors Gavin Black & Partners have acquired the former United Reform Church in Gosforth, currently let to Loch Fyne Restaurants, on behalf of the Kane Property Group.
The 6,240 sq ft property in the High Street, comprises ground floor and mezzanine levels within the former church building, and is let to Loch Fyne over a 25-year term. The current rental is £80,000 per annum.
Martyn Collins, of Gavin Black & Partners, who advised on the purchase, says the property was not being marketed but that his approach to buy the mid-1800s building with the benefit of a first-class tenant was “clearly well timed”.
“This is a high-profile building on one of the best suburban high streets in the region,” said Collins. “It is a freehold landmark building in an extremely good position facing the Gosforth Shopping Centre which has numerous excellent tenants, including Sainsbury, Boots and W H Smith. From identifying the opportunity, the transaction took less than four weeks to complete, which was a brilliant effort.”
Peter Kane, managing partner of Kane Property Group, is delighted with the acquisition. He said: “Loch Fyne is a very strong covenant, the location is prime and the conversion has been completed to a very high standard. It is without doubt the jewel in the crown of this prestigious high street. We are extremely pleased that Gavin Black & Partners have been able to deliver this off-market deal for us.”