Newcastle city centre restaurant let to local events company through Christie & Co
Specialist business property adviser, Christie & Co has let the former Paradiso Restaurant, in the heart of Newcastle city centre, to a successful, local events company.
Paradiso Restaurant is located on Market Lane, close to Pilgrim Street, which is set for significant redevelopment in the near future and is part of the popular drinking and dining circuit in the city centre. The restaurant is split into three main areas with seating for 60 on the first floor, kitchen and additional seating on the second floor, and a private function room on the third floor. There is also an external decking area for al fresco drinking and dining, a rarity in the city centre and popular with customers in the summer months.
Landlords, Aldo, Cristina and Joe De Giorgi, decided to lease the premises after the previous tenant had vacated. They comment, “We now no longer operate any businesses out of our Pilgrim Street/Market Lane premises and are purely landlords, something we’ve been striving towards for a while. We would like to thank David Cash at Christie & Co for his help throughout and to have the pick of multiple tenants in a seemingly challenging market was refreshing.
“We look forward to seeing our new tenants’ plans come to fruition and wish them all the best in their new business venture.”
The restaurant has been purchased by Mike Hesketh of Mish Mash Events, who comments, “Running a successful events company for over 15 years and being involved in the nightlife industry for almost 20 years it’s been a lifelong dream to own my own venue. When the opportunity arrived to take over the premises at Paradiso, which has been one of mine and a lot of my friends’ favourite places to hang out over the years, I just had to grab the opportunity with both hands. It’s going to be hugely exciting bringing the three storey building back to life with a fresh new concept at the same time as preserving the original characteristics of the venue people know and love.”
David Cash, Senior Business Agent at Christie & Co handled the sale and comments, “Christie & Co is delighted to have acted for the De Giorgis in the letting of their city centre restaurant premises.
“Despite the widely reported distress in the industry, particularly with corporate entities, the demand from local owner operators and regional multi-operators remains strong. In this instance, we had multiple bids resulting in a best and final offers scenario, whereby the landlords had the choice of two very strong offers from credible tenants.”