Background
This is an investment opportunity comprising a three storey mid terraced property and forming part of a busy mixed-use terrace in the heart of this popular Gateshead suburb. The property is located close to the junction of Durham Road with Belle Vue Bank.
The immediate area is predominantly residential but this site forms part of the main business district that includes a selection of restaurants and bars plus a Costa, Co-op Foodstore and Greggs The Bakers.
Description
A three - storey mid terrace property of traditional stone construction with a pitched roof over and extending to 2,500 sq.ft. (230 sq.m.).
The building is in excellent condition throughout with a bar area on the ground floor and separate dining room on the second floor. To the rear there is a spacious beer garden and a double garage with an office which leads out onto the rear lane.
Occupational Lease
516 Durham Road (circa 230 sq.m.)
Trading as The Bank which is a popular and successful licensed bar and restaurant. There is a 6 year lease in place to Grandville Estates Ltd (CRN 10016355) expiring on 21st December 2029. There is also a personal guarantee in place. A copy of the lease is available on request.
The current rent is £36,396 per annum which is subject to annual rent reviews via CPI with a 4% cap and 2% collar.
Legal Costs
Each party to bear their own costs.
Business Rates
Rateable Value £21,500
EPC
Rating B
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.
Viewings
Strictly by appointment with this office.
