Location
The premises are located on Silver Street which is the main route running from Market Place towards Framwellgate Bridge. Durham is a busy City approximately 15 miles due south of Newcastle upon Tyne with the benefit of a mainline railway station and direct access to the A1(M). The River Wear loops round the Romanesque Cathedral and the Norman Durham Castle. There is highly reputable University and all these factors draw visitors and tourists into the City throughout the year.
The immediate area around Silver Street is developing into a predominantly food and leisure destination and there have been a number of new occupiers coming onto the street over the last 18 months. There is also currently significant investment taking place nearby with the re-development of Milburngate Shopping centre and the construction of a cinema complex.
Business
The premises comprise the basement, ground and first floors of an attractive mid-terrace building where the public areas were fully refurbished and re-decorated prior to opening.
The current business has been operating since early 2020 and has positioned itself as an authentic Italian destination offering a selection of Italian beers and wines plus a compact menu of pizza and pasta.
Coviello has generated an excellent reputation over a short period of time but our client is considering an opportunity overseas and has put this onto the market.
Accommodation
Lower Ground Floor circa 310 sq.ft. (29 sq.m.)
Barber Shop
Tattoo Studio
Customer W.C.
Ground Floor circa 600 sq.ft (55 sq.m.)
Bar Area
Kitchen
Restaurant / Seating
There is restricted access to the first floor via an iron spiral staircase.
First Floor circa 170 sq.ft. (16 sq.m.)
Stores / Office
Tenure
The premises are held on a 10 year lease from 2023 at a current rent of £27,600 per annum. There is a break clause and rent review at the 5th anniversary.
Additional income is generated from the basement and the barber shop contributes £240 per week with the tattoo parlour generating £50 per day when in use. The rental contribution can total up to £18,000 per annum.
Trading Hours
Monday closed
Tuesday - Sunday 10.00am - 11.00pm
Rates
The premises are assessed as follows:
Rateable Value £18,250
EPC
Rating D.
Money Laundering Regulations
In accordance with the current Anti-Money Laundering Regulations the Purchaser or Tenant will be required to provide two forms of identification and proof of the source of income.
