Description
A4 licensed premises located within the centre of Newcastle upon Tyne.
The business forms part of an established licensed and leisure circuit situated in close proximity to some of the most sought after streets in the city.
The nearby area is earmarked for a multi-million pound leisure and hospitality scheme including a boutique hotel.Location
The property occupies an enviable position in Newcastle City Centre, forming part of a long established licensed and leisure circuit, being in close proximity to some of the city’s most popular bars, restaurants and hotels.
Newcastle Central Station is within 0.5 miles of the property providing excellent local, regional and national rail and bus links.Internal Details
Accessed via an impressive entrance and up a short flight of steps, the ground floor trading area opens up into a large mainly open plan trading area.
The space currently houses an impressive bar and dance-floor/standing area with a stage at the rear. There is a raised section offering lounge style seating and a more relaxed environment for customers.
Ancillary Areas
Commercial grade catering kitchen (currently not in use)
Beer cellar
Dressing room for performers
Staff office/store
Customer toilets
Fixtures & Fittings
We have been advised that the majority of the fixtures and fittings are owned outright and will be included in the sale, subject to an inventory.
The trade fixtures and fittings are substantially free from loan, lease or hire purchase agreement.Lease Summary
Held on a 25 year lease, which commenced on 17 August 2006 and therefore the unexpired term is around seven years.
The current passing rent is £50,000 per annum.
There is a Rent Review on every fifth anniversary of the commencement date of the lease.
There is a service charge of c.£10,000 per annum (subject to change and reviewed annually).The Opportunity
This venue provides an opportunity for an experienced operator to take over a free of tie lease with a private Landlord. The business has been successful in its current format for a number of years however lends itself to a variety of uses, subject to planning.
Formerly a restaurant, there is scope to bring the kitchen back in to use and re-introduce a food offering.
There is a significant amount of redevelopment planned for the immediate vicinity, some of which has already started. This will bring tens of thousands more people to the part of the city that this venue is situated in.Trading Information
Average weekly turnover for the past 12 months was around £13,000 net of VAT. This is based on just 21 hours trade per week and 100% alcohol sales only.
Further Trading Profit & Loss Accounts will be provided to seriously interested parties.Business Rates
The Rateable Value at at 1 April 2023 is £60,000. Confirmation of business rates payable should be obtained from the local Authority.Regulatory
Premises Licence
