The premises are located just off 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.
Surrounding Silver Street the immediate area is a mixture of retail, leisure, office and residential accommodation and there is currently significant investment taking place nearby with the re-development of Milburngate Shopping centre and the construction of a cinema complex.
The premises comprise the lower ground and basement floors of an end - terraced five storey property located within the confines of Durham City just to the South of the River Wear. The immediate occupiers include Cotswold Outdoor, Superdry and Tesco Metro plus various independents.
The business has been operating since early 2018 as an Italian Trattoria having previously run as a tea and coffee shop. Our client refurbished and refitted the premises on acquisition but have recently set up a bar and this is now taking up their time and energy. The premises could be suitable for a variety of uses but could not operate as a Tapas or Spanish restaurant as it would compete with another interest.
There is scope to open the restaurant during the day and it would lend itself well to a variety of leisure uses that would benefit from the licensed element.
Lower Ground Floor
Restaurant Area circa 505 sq.ft. (47 sq.m.)
Kitchen circa 130 sq.ft. (12 sq.m.)
We are verbally informed that the premises are held on a lease from June 2018 at a current rent of £25,000 per annum. There is a break clause at the 5th anniversary.
Sunday – Saturday 5.00pm – 11.00pm
We are verbally informed that the premises are assessed as follows:
Rateable Value – £13,750
We understand that taper relief rates incentives may be available subject to assessment.
Rating - D. A copy of the certificate is available on request.
Strictly by appointment with this office.
Money Laundering Regulations
In accordance with the current Anti-Money Laundering Regulations the Purchaser / Tenant will be required to provide two forms of identification and proof of the source of income.