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A prime redevelopment and investment site in central Newcastle, with planning permission for a 135-bedroom hotel and serviced apartment scheme, has gone on the market with price via application.
Global property consultancy Knight Frank has been appointed sole selling agent for No. 2 Cathedral Square by owner Monument Real Estate.
The building, located at the junction of the Cloth Market and the Groat Market, north of No. 1 Cathedral Square, secured approval for the scheme last month.
Knight Frank anticipates strong demand due to a shortage of serviced apartment developments in comparison with other UK regional cities.
Plans for the site include a three-storey roof extension, demolition of a three-storey block on the north side of the building, and replacement of the external facades to improve its appearance.
The property, originally built in 1974, comprises a basement and five to six upper floors. It is largely vacant, apart from part of the basement and ground floor, which are let to hospitality tenants including Revolution de Cuba.
The site generates annual rental income of more than £307,000.
Ryan Lynn, partner at Knight Frank, said: “This is an exciting redevelopment and investment opportunity for the city, which is seeing strong investment throughout. With planning approved for a large hotel and serviced apartment scheme in a great location, we are expecting high levels of interest. The property lies within the Bigg Market regeneration area, which has seen a multi-million-pound improvement in recent years. We very much look forward to working with our clients on the sale.”
