5/10/2019 | Restaurants

Newcastle Quayside restaurant seeks new owner

A Newcastle Quayside restaurant, which is due to become vacant in August this year, has been brought to the market through specialist business property adviser, Christie & Co.

Ideally situated on The Close, the restaurant occupies an excellent trading position among hospitality and commercial businesses, as well as residential flats, benefitting from strong levels of footfall. The open plan restaurant is divided into two main dining areas, providing seating for 160 covers throughout.

Currently trading as Liu Dining, a Chinese restaurant, the property will be available with vacant possession from August 2019, presenting a new owner with the opportunity to introduce their own concept. 

David Cash, Senior Business Agent at Christie & Co is handling the sale and comments, “The Quayside has seen somewhat of a resurgence over the past 12 months, with By The River Brew Co doing a lot for the area in terms of increased footfall. This site has worked well as a restaurant for a number of years and presents an excellent opportunity for an experienced operator to purchase a large restaurant premises on a long leasehold basis. 

“With the industry being very competitive and market rent normally being an unavoidable overhead, this is a rare opportunity to purchase a virtual freehold.”

Christie & Co is seeking an asking price of £420,000 for the long leasehold interest of the property.