Leisure/hospitality for sale in 64 Saddler Street, Durham City DH1

Situation

The Shakespeare is a Public House located in the heart of Durham City on Saddler Street with extremely high footfall linking Durham Cathedral and the City’s main pedestrianised shopping area. The subject property is surrounded by a variety of bars and restaurants including Zizzi, Pizza Express and Bills.

Description

The subject property is a brick built building under pitched slate roof dating back to the 12th Century with prominent signage fronting onto Saddler Street. Internally the ground floor accommodation provides cosy bar and seating area with lounge to the rear along with w/c facilities and access to the cellar. The first floor benefits from a large living space to the front elevation, which has potential to be converted to an eating area for c.40 covers. The first floor benefits from a large living space to the front elevation, which has potential to be converted to an eating area for c.40 covers. Our client is currently exploring the viability of converting the upper floors himself for leisure use. To the rear there is a kitchen and utility area. The second floor provides further living accommodation including: 2 bedrooms, a bath room and shower room with additional space for storage.

Accommodation

Bar (Front) - 37.35 m2 (402 sq ft)
Bar (Rear) - 28.22 m2 (303 sq ft)
First Floor (Lounge) - 32.25 m2 (347 sq ft)
First Floor (Kitchen/Utility) - 14.70 m2 (158 sq ft)
Second Floor (Bedroom 1) - 11.97 m2 (128 sq ft)
Second Floor (Bedroom 2) - 14.02 m2 (150 sq ft)
Second Floor (Bathroom) - 10.89 m2 (117 sq ft)
Second Floor (Shower Room) - 4.24 m2 ( 46 sq ft)

Terms

We are seeking premium offers of £150,000 for our client’s leasehold interest in the property

Company accounts

The previous 3 years accounts as well any details of stock taking records are available upon request from any interested parties.

Rating assessment

Description rv Estimated Rates Payable
Public House £21,250 £10,200

We are advised that the rateable value of the premises as at 1 April 2017 is £21,250 and we have estimated the accrual rates payable for the current year above. This is based on the standard Business Rate Multiplier of 48p in the pound. However, interested parties should confirm the current position with the Local Authority.

Legal costs

Each party is to bear their own legal costs involved in the transaction.

VAT

All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.