8221F

PROMINENTLY POSITIONED AND PROFITABLE FREEHOLD BAR AND RESTAURANT BENEFITTING FROM A HIGH STREET LOCATION WITHIN A BUSTLING SUBURB OF NEWCASTLE UPON TYNE

8221F


  • Prominent High Street Location.
  • Public Bar (circa 30) with imposing bar servery.
  • Spacious Function Room (circa 50) with dance floor.
  • Adjoining Ground Floor Restaurant (circa 40 covers)
  • Fully equipped Commercial Kitchen.
  • 6 fully let Bedsit Rooms.
  • Outside seating (circa 20).
  • Potential for development/change of use STPP.
  • Advised turnover y/e May 2018 circa £270,000 (inc VAT).
  • Trade split circa 90% Wet Sales/10% rental income.
A FANTASTIC OPPORTUNITY TO ACQUIRE A PROFITABLE FREEHOLD BUSINESS WITH ADDITIONAL POTENTIAL IN A BUSY HIGH STREET LOCATION


ASKING PRICE £525,000 FREEHOLD TO INCLUDE FIXTURES & FITTINGS, GOODWILL, EXCLUDING S.A.V.

Location

The business is located within a bustling suburb of Newcastle Upon Tyne.

Newcastle, is a city in Tyne and Wear, North East England, on the northern bank of the River Tyne, 8.5 mi (13.7 km) from the North Sea. Newcastle is the most populous city in the North East, and forms the core of the Tyneside conurbation, the eighth most populous urban area in the United Kingdom.

Newcastle's economy includes corporate headquarters, learning, digital technology, retail, tourism and cultural centres, from which the city contributes £13 billion towards the United Kingdom's Gross Value Added (GVA).

Among its icons are Newcastle United Football Club and the Tyne Bridge. Since 1981 the city has hosted the Great North Run, a half marathon which attracts over 57,000 runners each year.

Newcastle is regarded as one of the country's top night spots, and is confirmed to have the most events per student population in the UK (www.tickx.co.uk 2018).

Newcastle has a population of 292,200 (2011 Census).

THE PROPERTY

The property is an imposing 2 storey end of terrace Victorian Building occupying a prominent corner position in a busy high street location.

The ground floor trading areas are well presented and have a comfortable and welcoming feel and comprise:-

Public Bar (circa 30) attractive wooden/carpeted flooring with variety of bench and chair seating around free-standing tables.

Function Room (circa 50) with separate access, wooden dance floor and raised area for DJ equipment. Large wall mounted TV screen and Pool Table. The seating area is carpeted throughout and offers upholstered bench seating and free standing chairs around numerous tables.

The imposing well stocked bar serves both trading areas and has capacity for 12 larger/cider/beer pumps.

Ladies and Gents W.C’s are accessed via rear hallway.

The business is served by a substantial, fully equipped Underground Cellar.

The business has a well equipped Catering Kitchen, (equipment not tested). This serves a separate Restaurant (circa 40).

NB The restaurant is currently let to a third party which we are advised has less than a year to run on the current lease agreement.

LETTING ACCOMMODATION

On the 1st floor of the property there are 6 bedsit rooms, with separate access which are fully occupied on short term lets with shared bathroom facilities, separate kitchen/lounge.

In addition on the same floor there is an additional room currently used as an office.

EXTERNAL

To the rear of the property there is a paved area offering outside seating (circa 20).

TRADING HOURS

We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:

Sunday to Thursday 9am to 11.30pm

Friday & Saturday 9am to Midnight

NB. Important. Prospective purchasers wishing to continue to operate the public house should ensure that they gain the APLH Qualification in readiness for their intended operation of the Public House.

GENERAL REMARKS

The property and business is being offered for sale freehold (although we have not had sight of the title deeds). All mains services are connected with gas central heating (no services tested). Business rates payable are currently £9,536.

THE BUSINESS

The current owner purchased the business in 1995 and has built a popular and profitable business which is reluctantly being offered for sale so that he can enjoy a well earned retirement.

We are advised that accounts declare takings of circa £270,000 (inc VAT) in the year to the end of May 2018, generating a reconstituted net profit of circa £48,000, from 90% wet sales and 10% rental income.

The business offers significant potential in the hands of new owners who would have the opportunity to bring catering in house upon expiry of the current agreement with the third party restaurant operator.

Viewing is highly recommended.

Accounting information will be made available to interested parties after viewing.

The property was viewed by Lee Davy who would be delighted to discuss further details and can be contacted on 07496 849424.

Viewing appointments must be made via Guy Simmonds on 01332 865112.

Details Prepared: February 2019.