Avison Young advises Ward Group Investments on off-market acquisition of historic, Grade II listed Newcastle property

Global real estate advisor Avison Young has successfully advised Ward Group Investments on the off-market acquisition of 104-108 Grey Street and 1 Hood Street, a Grade II listed building in Newcastle city centre situated near to Grey’s Monument, for a multi-million-pound sum.

Located on Newcastle’s iconic Grey Street, close to the new 460,000 sq ft HMRC headquarters and the Pilgrim Street regeneration area, the historic building is primarily let to Newcastle-born END Clothing, as their flagship 13,638 sq ft store, along with Clarke Mairs LLP and Rohan.

The property consists of four storeys, retaining its original Edwardian shop front, and has been acquired by Ward Group Investments as a prime commercial asset and a key part of their development and growth plans for the coming years.

Ward Group Investments is a private family office based in Durham, with assets throughout the North East of England and the United Arab Emirates. Established in 2000, the Group’s portfolio of commercial and residential assets is valued in excess of £150m.

Avison Young acted on behalf of Ward Group Investments in the transaction, with Savills acting on behalf of the vendor.

The acquisition reflects continued investor confidence in Newcastle’s commercial property market, which has seen significant redevelopment and strong tenant demand in recent years. With its blend of heritage architecture and thriving retail and office occupiers, Grey Street remains one of the most sought-after city centre locations in the North East.

Katy Blair, Asset Manager at Ward Group Investments, added:
"Rarely does an opportunity arise to acquire such a landmark asset in Newcastle city centre. This acquisition aligns with our strategy of securing high-quality assets with value-add opportunities in the North East.

“We’re passionate about the heritage of 106 Grey Street and 1 Hood Street, and the regeneration of Newcastle city centre as a whole, and we’re looking forward to moving forward with our vision for the future of the property.”

Jamie Sim, Associate Director, Capital Markets at Avison Young, said:
“We are very pleased to have advised Ward Group Investments in the off-market acquisition of this trophy property and look forward to seeing them implement an active asset management plan going forward.

“This significant acquisition comes as Newcastle City Council continues to deliver on its vision to transform the city centre, and it’s great to see this investment in the future of one of the city’s most important heritage buildings.”

Peter Atkinson, Director, Investment at Savills, added:
“It's fantastic to have secured this sale for our client, in line with their business plan and particularly given the strong local significance of the building. 104-108 Grey Street and 1 Hood Street represents one of Newcastle’s most recognisable and architecturally important assets, and it’s fitting that ownership has transferred to a locally based investor.

“This transaction underlines the continued strength of investor appetite for high-quality, well-let heritage assets in the city centre, and reflects the ongoing confidence in Newcastle’s commercial market and its future growth potential.”