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News - 23/04/2018

LSH advises on major Newcastle office acquisition

UKRO acquires Rotterdam House on the Quayside for £10.1m

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LSH’s Newcastle-based Capital Markets team has advised on a major office acquisition in Newcastle upon Tyne.

Acting on behalf of UKRO, a Jersey-based UK regional office fund, LSH acquired the 35,686 sq ft Rotterdam House for £10.1m reflecting a net initial yield of 6.43%.

The five-storey building, which is situated in a prestigious riverside location close to the River Tyne with views of the famous Tyne Bridge and Millennium Bridge, is let to a range of occupiers including Regus, Ramboll and Stantec.

Luke Symonds, Associate Director of Capital Markets at LSH Newcastle, said: “We have seen some keen yields on the Quayside and our acquisition of Rotterdam House on behalf of UKRO  suggests the demand for well-let buildings in prime Newcastle locations continues.”

Separately, LSH has been instructed to bring the former Wolsingham Steelworks, Durham Road, Wolsingham, to the market. The 13.70 Acres (5.54 Ha) is a major strategic development opportunity.

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