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Newcastle office blocks sells for £2.4m at auction

A NEWCASTLE office building has been sold for £2.4m after strong bidding at a commercial property auction.

Merchant House on the Cloth Market in Newcastle

A NEWCASTLE office building has been sold for £2.4m after strong bidding at a commercial property auction.

Merchant House – a 36,273sqft office building on the Cloth Market in the city centre – is let to a variety of businesses, including the solicitors Hay & Kilner, and currently produces rental income of £413,240 per annum. The property provides offices on ground and three upper floors with five parking spaces.

Acuitus auctioneer Richard Auterac said: “In recent months, property investors have generally favoured retail investments but this is a good example of the renewed interest in substantial office properties with a good existing income flow.”

 

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