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News Release

London

City Aparthotel, Northumberland Street, Newcastle Sells

Jones Lang LaSalle Licensed Leisure and Hotels Team Advise


London, 30th April 2010 – On behalf of BDO LLP, joint receivers of Lynnmac Limited, the Jones Lang LaSalle Licensed Leisure and Hotels team in Leeds have sold the City Aparthotel, Jackson House, Northumberland Street in Newcastle upon Tyne off a guide price of £1.5 million to a local private investor.

Harry Hawksby, Director in the Jones Lang LaSalle Licensed Leisure and Hotels team in Leeds, who acted on behalf of the joint receivers, said: “This attractive stone fronted property located in the heart of Newcastle’s vibrant city centre generated a high level of interest, not only from the local area but also on a national level. We are very pleased with the sale result, and believe that this property will certainly benefit from its close proximity to the city’s central business district, it's proximity to two Metro stations, Newcastle’s two universities and the management style of the new owner. This transaction shows that there is a market for well priced quality assets, particularly in the sub £10m category."


Notes to Editors

  • City Aparthotel provides 20 en suite apartments, with 30 beds.
  • Room sizes typically range between 452 sq ft and 804 sq.ft
  • Turnover of £432,000.
  • The development was sold on a long leasehold with 127 years unexpired.
  • National retailers on Northumberland Street include Marks + Spencer, HMV, BHS and Next.