Historic Newcastle Landmark on the Market for £8.9 Million
The Bruce Building, a Grade II listed property in Newcastle's Haymarket that originally served as the headquarters of Newcastle Breweries, has been put up for sale with a price tag of £8.9 million. The building, located at 101–115 Percy Street, underwent a major refurbishment in 2013 after being acquired by Michigan Investments Limited.
Transformation into Mixed-Use Space
The two-year, £5 million regeneration project converted the building into 57 self-contained studios, ten offices, and ground-floor commercial space. The restoration preserved historic features such as ornate stonework, stained glass, and decorative interiors. The ground floor restaurant space is occupied by Butakun, while The Hotspur public house also operates within the building.
Strong Income Potential
The studios are fully let, generating a gross annual income of £666,559 from a mix of students and private tenants, many working in professional services. The building's C3 use class allows lettings to both groups without restriction, mitigating reliance on a single tenant type. The commercial accommodation produces a contracted income of £195,236 per annum, with only one office space vacant. Fully let, commercial units have an estimated rental value of £217,736 per annum, bringing total potential income to over £884,000 per year.
Leasehold Details and Location
The property is held on a long leasehold of 999 years from 2013, with 986 years unexpired and no ground rent or service charge payable. The freeholder is Newcastle University. Vicky Bingham, student housing partner at Allsop, said: “The Bruce Building sits on the edge of Newcastle University’s campus and within a five-minute walk of Northumbria University, which together have a combined full-time student population of almost 52,000 and growing. With its superb accommodation and proven appeal to both students and professionals, this represents a rare and attractive investment opportunity.”
