Pro-active management, letting, refurbishment and sale of Collingwood House
Collingwood House is a prominent corner building, comprising 19,570 sq ft of fully refurbished retail and office suites across seven floors. Located in the heart of Newcastle’s commercial district, the mixed use commercial development currently produces a rental income in the region of £268,000 per annum reflecting a Net Initial Yield of 8.6%.
10 years ago Buccleuch acquired the property to ‘work’ and generate and improve the income. During this period Naylors has managed the property on behalf of Buccleuch.
Naylors Building Consultancy team has also project managed the refurbishment of common areas and office suites to deliver high quality accommodation for the building’s seven established tenants including Subway, Simpson & Marwick Solicitors, and Pearson Professional Investments Ltd. Naylors office agency team has also let vacant accommodation and negotiated leases on behalf of the client.
At the end of 2014 our investment department discussed values with the client and kept them up to speed with an ever improving investment market. In light of this we made the decision to market the property at a level that both the client and we were happy could be achieved.
We launched a full marketing campaign including the preparation of a brochure and issued details to local and national investment agents as well as investors directly.
The property was marketed for a period of three weeks before going to final and best offers and a buyer was selected. Naylors carried out due diligence and a successful sale was completed at the agreed price. Buccleuch were delighted with the result.