Introduction
17 Bigg Market is an imposing 6 storey building located on the Bigg Market, one of the most iconic addresses in Newcastle nightlife. The building currently comprises a hot food takeaway on the ground and basement, with the maisonettes above.
Location
The property forms part of a mixed terrace and the Bigg Market is designated a site of historical significance within the City. This former marketplace dates as far back as the Middle Ages and many of the buildings in the area are listed, reflecting the history of this part of the town. In recent years the street has become better known for the nightlife with numerous bars, clubs and food outlets forming the “strip”. However, a recent successful application for regeneration funding in order to improve and develop the public areas, is expected to bring life back to some of the historic features.
The City of Newcastle grew from Roman (or possible earlier) origins, at an important defensive and bridging point in the Tyne Valley, to become the regional capital. The wealthy coal, manufacturing and ship-building industries brought huge population growth and physical expansion during the late 18th and 19th centuries.
Newcastle upon Tyne is located approximately 285 miles north of London and approximately 100 miles south of Edinburgh and is the commercial and administrative capital of the North East.
Newcastle is the seventh largest City in the UK with a population of circa 280,000 and 1.4 million people live within 12 miles of the City centre. Newcastle benefits from excellent road, rail and air connections with Newcastle Central Station serving the East Coast mainline and providing a fastest journey time of 2hrs 50mins to London Kings Cross and 1hr 30mins to Edinburgh Waverley.
The Central Station provides the main interchange for the Tyne & Wear Metro rapid transit railway network which supports 60 stations connecting Newcastle with Gateshead, Sunderland and throughout Tyneside.
Newcastle International Airport is situated approximately 7 miles west of City centre proving regular flights to key domestic and international destinations including Dubai.
Description
The property comprises a five storey, six floor mid terrace building overlooking Bigg Market in the heart of the City centre. The property offers three separate components with one commercial and two residential elements. The commercial unit generates an income of £22,500 per annum and the flats are let out room by room. 17A is currently let out at £300 per room per month (all 4 rooms are currently occupied). 17B has a tenancy commencing on 08/08/21 at £1,250 per month.
Current accommodation comprises;
17 Bigg Market
Lower Ground Floor
Prep / Store 430 sq.ft. (40 sq.m.).
W.C.
Ground Floor
Takeaway 420 sq.ft. (39 sq.m.).
17A Bigg Market
First Floor
Lounge / Kitchen
Bedroom 1
Bathroom
Second Floor
4 x Bedrooms
W.C.
17B Bigg Market
Third Floor
Lounge / Kitchen
Bedroom 1
Fourth Floor
3 x Bedrooms
Bathroom
Services
There is mains electricity, water, sewerage and nto the property.
Rateable Value
17 Bigg Market RV £12,500
17A Bigg Market Council Tax Band B
17B Bigg Market Council Tax Band B
EPC
17 Bigg Market Band F
17A Bigg Market Band D
17B Bigg Market Band E
Occupational Lease
The hot food takeaway is occupied by way of a 20 year lease from April 2010. The current rent is £22,500 per annum and the next review is 2023.
Asking Price
Offers in the region of £650,000 are sought for the freehold interest.
Money Laundering
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.