Description
A large two storey terraced building of red brick construction, with slate tile roof. The property is decorated in a modern and contemporary style and well presented throughout.Location
The premises is located in an excellent position on Green Terrace in the heart of Sunderland, close to the city centre and University.
The area is busy with good levels of footfall with many bars, restaurants and retail operators nearby. Sunderland is currently undergoing a large regeneration programme with many parts of the city seeing investment in development and growth.Internal Details
Ground Floor
Large open plan trading area with seating for c.120
Open plan kitchen and bar servery
VIP Lounge with separate bar servery and seating for c.50 guests
Stair access to first floor
First Floor
Large bar servery
Separate glass wash areas
Raised stage area
Disabled lift
Staff room and manager's office
Ancillary Areas
WC's
Well maintained cellar
Commercial grade kitchen
Storage facilitiesThe Opportunity
The Life of Riley is an incredibly well invested pub/bar and restaurant business in a prime spot in Sunderland town centre, forming an integral part of a long established licensed circuit.
Currently tenanted, the property achieves an annual rent of £65,000.Trading Hours
Monday & Tuesday
Closed
Wednesday & Thursday
11:00am - 1:00am
Friday & Saturday
11:00am - 3:00am
Sunday
11:00am - 12.00midnightTenure
The property is currently tenanted to a longstanding and experienced operator.
- Term :10 years, commencing on and including 17 June 2024. Renewal of previous 10 year lease.
- Passing rent: £65,000 per annum
- Rent Review: Start of years two and six
- Full Repairing & Insuring Terms
A copy of the lease can be provided to seriously interested parties on request.
The Landlord & Tenant are currently negotiating a new, 15 year lease, whereby the tenant will personally guarantee the rent for the first 12 months. The tenant is committed to the long term future of the business, which should provide any investor with assurances.Business Rates
The Rateable Value as at 1 April 2023 is £43,250. Confirmation of actual rates payable can be obtained from the local Authority.Regulatory
Premises Licence
