Marston’s is marketing the freehold of a landmark Pitcher & Piano site in Newcastle on a sale and leaseback basis for offers in excess of £6.6m.
The site at the Quayside development is being offered with a 35-year FRI lease to Marston’s at a rent of £350,000 per year, with RPI-linked annual increases of restricted to between 1% and 4% and rent subject to five-yearly reviews.
CBRE is marketing the property. A sale for £6.6m requested would represent a net yield of 5% net of purchaser’s costs of 5.8%.
The property measures 10,433 sq ft over the ground and first floors, with an additional 2,039 sq ft of external seating on the ground floor. Total seating capacity is 225
The site is located near the Sage music venue and Malmasion hotel and is close to offices.
