The premises are located on Saddler Street which is the main route running from Market Place up towards The Cathedral. Durham is an extremely busy and popular 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.
Surrounding Saddler Street the immediate area is a mixture of retail, leisure, office and some residential accommodation and there is currently significant investment taking place in and around the City centre with the re-development of Milburngate Shopping centre and the construction of a new student complex.
The premises comprise a ground floor unit forming part of a busy terrace within the confines of Durham City and close to the junction with Elvet Bridge. The immediate occupiers include large multiples such as Greggs and Barclays Bank plus various independents.
The premises opened in early 2018 as a Latin Bar with the emphasis on the sale of a wide range of rums and mixers but has recently changed direction to operate during the day as a coffee and Taco bar. Other foods could be sold from the unit and there are strong levels of daytime passing trade.
The evening trade continues the Latin theme and the bar offers a range of Rums and Tequila but could diversify into other types of spirits such as Gin or into wines and Prosecco.
The unit is in good order throughout and would be an ideal venture for a couple or partnership to take on.
Bar Area circa 200 sq.ft. (18.6 sq.m.) with service bar area, griddle, coffee machine, music system, ice maker and CCTV system.
We are verbally informed that the premises are held on a 5 year lease from 2018 at a rent of £15,000 per annum plus VAT. There is a building insurance contribution of circa £265 per annum.
Monday - Thursday 12 noon - 5pm
Friday - Saturday 12 noon - 9pm
Sunday 12 noon - 4pm
The premises are currently assessed as follows:
Rateable Value - £16,500
We understand that no rates are currently payable under the current Covid regulations but interested parties should make their own enquiries.
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.