Leisure/hospitality for sale in Westgate Road, Newcastle Upon Tyne NE1

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Leisure/hospitality for sale

32,389 sq. ft*

Property description

Key Points

  • Landmark Property within the Heart of Newcastle City Centre
  • Grade II Listed Georgian Building
  • Rent/Price on Application
  • Total gia: 32,389 sq ft (3,009 sq m)
  • Description

    The whole property was previously owner occupied for circa 45 years before being rented to another leisure operator who occupied the ground floor with Assembly Rooms function suites to the upper parts hosting corporate functions, banquets and conferences. The upper parts can accommodate up to a capacity of circa 450 guests.

    The ground floor and upper floors have two separate premises licences in place until 4am which provides a very rare opportunity in the market with no alternative opportunities currently offering this type of license. Also, the external forecourt to the front elevation also has a 4am license comprising circa 5,300 sq ft.

    The property has the opportunity to be carved up seeking two operators. One for the ground floor and another for the upper parts. If one operator wishes to acquire the whole
    property this option would also be considered subject to contract.

    Location

    The location is very accessible via public transport with Newcastle Central Station and Metro Stations being within a short walking distance away.

    To the north of the site is the Newgate Development which occupies the 4 Star Maldron Hotel and Unite Student accommodation.

    The opportunity is also in close proximity to The Gate Leisure complex which is home to the Empire Cinema in addition to numerous leisure establishments including late night bars and Aspers Casino. Indigo Hotel sits directly adjacent to the subject property and the historic Bigg Market and ‘Diamond Strip’ on Collingwood Street accommodating the cities more
    popular leisure destinations.

    Newcastle City Centre is a regional leisure/retail destination for the North East of England with the nearest competing cities being Edinburgh some 100 miles to the North and Leeds circa 100 miles to the South.

    Terms

    The whole property is available by way of a full repairing and insuring lease for a term of years to agreed subject to contract. Rent available upon application.

    Alternatively the ground floor would be available at an asking rent of £150,000 per annum
    exclusive and the upper floors at an asking rent of £200,000 per annum exclusive with terms to be agreed subject to contract.

    Our client may also consider selling the freehold interest in the property of which further information is available upon request.

    * Sizes listed are approximate. Please contact the agent to confirm actual size.

    Arrange Viewing

    For more information about this property, please contact
    Sanderson Weatherall, NE1 on +44 191 686 1494 * (local rate)

    Contact Sanderson Weatherall about this property

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    Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Sanderson Weatherall, and do not constitute property particulars. Please contact Sanderson Weatherall for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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