The property fronts onto The Close / Sandhill which runs along the Newcastle Quayside area, directly opposite the Swing Bridge and close to the Tyne Bridge and High Level Bridge.
The Quayside is a popular location for bars and nightclubs with significant investment in the surrounding occupiers already taking place. The subject property is adjacent to the award winning House of Tides restaurant and a number of local establishments have recently been upgraded and refurbished to provide new bars and eateries.
The opportunity comprises a ground and first floor former nightclub forming part of a four storey semi detached property which would suit a potential bar/restaurant occupier. The landlord would prefer for the property not to operate as a nightclub. There are additional upper floors which may be available under separate terms but the landlord intends to develop these into offices and living accommodation.
The property has been measured and has the following Gross Internal Areas (GIA):
Ground Floor - 94.5 sq.m. 1017 sq.ft.
First Floor - 128 sq.m. 1378 sq.ft
Total - 222.5 sq.m. 2395 sq.ft
Each Party will be responsible for their own legal costs.
All figures are net of VAT, where applicable.
We understand the ground and first floors previously had planning permission for use as Sui Generis (Nightclub) under the Town & Country Planning (Use Classes) order 1987 (as amended). However, this permission has now lapsed.
The premises are offered to let by way of a new internal repairing and insuring lease for a minimum term of 10 years. Asking rent is £60,000 per annum but incentives are available.
We are advised that the property is currently entered into the Valuation List as follows;
Rateable Value (2010 List): tbc
Strictly by appointment with this office.