T: 0191 487 8566

Menu
Under offer

Investment Property

Newcastle City Centre £650,000 Freehold REF: NE1659

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.

 

 

If you'd like to know more about how we work, give us a call on 0191 487 8566, always happy to help.

Commercial Property For Sale

Find an Investments property

Use this field to find results from a specific location or a particular property type
+ Show advanced search options