Our instructions are to sell this city centre mixed use business, located within a redeveloped Victorian building within Newcastle city centre that is leased from a third party. To the ground floor is a convenience store, and to the upper floors are a hostel/bunkhouse style business, five permanent studio flats and two massage rooms. The flats and massage rooms are all let and generating an income of 41,600PA. The turnover of the convenience store and hostel business can be discussed with the owner upon serious enquiry.
The business is excellently situated within Grainger Street, Newcastle Upon Tyne, located within the main leisure district of the city centre. Grainger Street is an established retail street stretching from Grey's Monument, south to Westgate Road. Grainger Street is an established shopping location within the city centre, with a number of household retailers encouraging high levels of footfall and passing trade.
Specifically, the business is 10m from the famous Bigg Market within walking distance of the Theatre Royal, the Cathedrals, the Metro Radio Arena, Newcastle United Football Ground, the Newcastle Quayside, Bridges, The Gate entertainment complex, bars and Aspers Casino. Eldon Square Shopping Centre is only 100m from Heroes Hostel-Hotel.
The Metro Centre is a 15 min bus or train ride away. The whole of the North East history is within its reach, including the world famous Hadrian's Wall and Vindolanda Roman Camp which is an acclaimed World Heritage site. Also fun activity days can be arranged, such as paintballing, go-karting, clay pigeon shooting and more.
To the ground floor is a convenience store, and to the upper floors there are 9 letting bedrooms comprising twin and triple bunk beds, all with en-suite with shower, toilet and washbasin. Two more rooms are used as massage rooms. Within the upper floors are also five studio flats.
The hostel business operates on a bed by bed charge with online booking facility. It is currently operated by family members, to be sold free of tie of staff. Our client will discuss turnover of the hostel and convenience store business with interested parties on viewing. The five studio flats are let at 100PW each with all bills included, and two more rooms are let to a masseuse for 300PW (totaling a rental income of 41,600 per annum).
The premises are offered by way of new 25 year sublease as a passing rental of 519 per week (26,988 per annum).
Available upon request.
We are advised that VAT is not payable on this transaction.
For further information please contact our office direct on , or alternatively via e-mail on . With regards to viewing the subject property, this is to be done strictly by appointment through Keith Pattinson Commercial department. Please contact us to arrange an internal inspection, or to register your interest.