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Viva & Tinkers Smiths

10 Mile End Road, South Shields, Tyne and Wear, United Kingdom NE33 1TS
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Ref: 6450548
Freehold£395,000

Contact Our Agent

Marslie McGregor
Marslie McGregorSenior Business Agent - Pubs & Restaurants
+44 7813 072 460marslie.mcgregor@christie.com

At a glance

  • Located in Town Centre
  • Popular Venue for many years
  • 3 Separate Trading Areas (2 Vacant)
  • Site Size: 0.215 Acres
  • Potential for Alternative Use/Conversion STPP
  • Fully Licensed - EPC Rating B
View full details Viva & Tinkers Smiths
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Viva & Tinkers Smiths
10 Mile End Road, South Shields, Tyne and Wear, United Kingdom NE33 1TS
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Ref: 6450548

Viva & Tinkers Smiths

Description

A large three storey property of brick construction, under a slate tiled roof, built around 1889. This impressive property has operated as a theatre as well as various licensed venues over the years and is well known within the area. Currently split into three separate trading areas: • A large bar/nightclub, previously known as VIVA • A well presented bar restaurant, previously known as Tinker Smiths, to the rear of the property • A burger bar situated to the front of the building All three sites achieved an annual rent of c.£75,000 plus VAT. Previous rents achieved on Viva - £30,000 plus VAT, Tinker Smiths £30,000 plus VAT) The burger bar is currently held on a tenancy at will contract, with an annual rent of £15,000.

Location

Viva is located on the corner of Mile End Road and Stanhope Street in South Shields town centre. Steeped in local history, this iconic building, formerly the Gaumont Cinema building and originally The Scala and the Royal Assembly Rooms, has been a popular venue for many years with the locals and visitors to the town. Located on an established circuit, and within easy walking distance of the Metro station, the area is busy with good levels of footfall with many bars and restaurants nearby. South Shields is undergoing significant investment at the moment as well as preparing for the relocation of South Tyneside College and South Shields Marine School. This will bring a huge number of students and staff into the town centre and should provide a boost to all sectors of the local economy.

Internal Details

Viva - Now Vacant Ground and first floor bar/trading areas. Tinker Smiths/Boiler Room - Now Vacant Ground floor bar and restaurant trading area, with central bar servery. Commercial Grade kitchen, pot wash, WCs and access to first floor. The first floor consists of a separate function room with bar servery, glass wash area, storage facilities and WCs. The area offers an opportunity to be split into four separate trading units. See plan on page 8. Burger Bar Ground floor takeaway, which is currently tenanted on an at will basis. Existing tenant would like to renew a lease.

Ancillary Areas

WCs Kitchen Storage facilities Access to other floors Cellar Storage Office (situated in the basement)

The Opportunity

10 Mile End Road offers a great opportunity for either an existing owner/operator to purchase this well renowned site, refurbish if/where necessary and continue to trade the two sites. Ideally located in the town centre, close to the shopping centre, the property was frequented by many locals and visitors to the town. The rear part of the building, previously known as Tinker Smiths, offers an opportunity to be split into 4 separate trading units. (See potential plan on page 8). Add to this an already fully fitted function room on the first floor, the property lends itself to achieving multiple income streams. Previous rent achieved on both vacant sites was £60k plus VAT per annum, by increasing the number of units, there is potential to increase the rental income. Estimated rental values on split sites: Viva £30,000, Function room £8,000, Unit 1 £15,000, Unit 2 £12,000, Unit 3 £6,000, Unit 4 £15,000. Alternatively, the property may suit a developer who is looking for potential change of use (subject to the usual local authority planning consents).

Business Rates

The Rateable Values as at 1 April 2023 are: 10 Mile End Road - £20,000 Tinker Smiths - £36,250 Confirmation of actual rates payable can be obtained from the local Authority.

Regulatory

Premises Licence