Restaurant/cafe to let in Groat Market, Newcastle Upon Tyne NE1
£24,000 pa (£19.90/sq. ft. pa)
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The property is situated in the heart of the busy Bigg Market/Groat Market and comprises a ground floor restaurant and is has recently been refitted and is presented in good condition. We are advised that the fixtures and fittings are owned outright and are to be included in the sale of the business, subject to an inventory.
The property is situated in the heart of the busy Bigg Market/Groat Market, which is one of most established leisure quarters in Newcastle upon Tyne City centre.
The Bigg Market/Groat Market area is home to a wide variety of restaurants and public houses and is about to undergo a £3 million refurbishment programme, which includes significant public realm refurbishment.
The property comprises a ground floor restaurant within a three-storey mid-terraced building. The property is situated in a Conservation Area and is locally Listed.The entrance hallway leads to the bar, which in turn opens out into the restaurant, which provides 60-70 covers. Stairs lead down into the basement area, where there are male & female w.C’s, as well as kitchen, food prep and storage areas. The property is situated on a slightly sloping site and therefore a door leads out from the basement to the side yard, which is shared with several other businesses.
The restaurant has been recently refitted and is presented in good condition. We are advised that the fixtures & fittings are owned outright and are to be included in the sale of the business, subject to an inventory.
Bar area 24.82 sq m(267 sq ft)
Restaurant 49.68 sq m(535 sq ft)
Office/store 9.53 sq m (103 sq ft)
Food prep area10.01 sq m(108 sq ft)
Kitchen 15.97 sq m(172 sq ft)
Store 1.92 sq m (21 sq ft)
Total 111.93 sq m (1206 sq ft)
The current lease is for a term of 10 years from 5 March 2010, at a passing rent of £24,000 per annum. Further details and a copy of the lease can be provided to interested parties.
Alternatively, we are also advised that the landlord is prepared to grant a new lease on terms to be agreed.
We understand the property is entered into the 2017 Rating List with a Rateable Value of £18,500.
Interested parties should verify this figure with the Local Authority.
The property is not registered for VAT and, therefore, VAT will not be payable on the rent.
Although the business has now closed, premium offers are invited for the leasehold interest in the property to include all fixtures and fittings, subject to the existing lease. Further details are available on request.
Strictly by appointment with sole agents, YoungsRPS (reference Michael Blake or Paul Fairlamb).
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* Sizes listed are approximate. Please contact the agent to confirm actual size.
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by YoungsRPS, and do not constitute property particulars. Please contact YoungsRPS 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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