NEWCASTLE UPON TYNE - LEASEHOLD CITY CENTRE BAR
Newcastle upon Tyne, Northumberland
Ref: 95400
Leasehold £125,000
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Key Features
Location
Bar Loco is located on Leazes Park Road in the heart of Newcastle city centre, a stone’s throw away from St James’ Park, the home of Newcastle United FC. This is an extremely popular area for a night out and enjoys very high footfall. With the addition of a large student population and busy match days, Bar Loco presents an excellent opportunity to purchase a turnkey business in an excellent location.
The property is a large, three storey, late Georgian, terraced building with rendered walls under a slate roof. It briefly comprises:
The property is a large, three storey, late Georgian, terraced building with rendered walls under a slate roof. It briefly comprises:
Property
TRADE AREAS
Main entrance from the front beer garden into a central hall and stairway. To the right is a small SNUG AREA with its own servery and original features such as a feature fireplace and high ceilings. This trade area has some seating but is more of a standing area.
Left of the entrance hall is a large LOUNGE AREA with comfy sofa seating and a rustic feel that is in keeping with the age of the building.
CELLAR
Located to the rear of the snug servery is the cellar that is fitted with a good quality dispense system.
FIRST FLOOR
The first floor is divided in two: the front of the first floor is the main trade area and with wood flooring, exposed brickwork and feature fireplaces, this is a cool drinking lounge with a rustic feel. The rear half of the first floor is a large COMMERCIAL KITCHEN which is fully equipped and capable of producing a large number of food plates.
TOILETS are located off the main staircase.
All trade areas are presented in excellent condition. Our clients have invested heavily in the redecoration and rewiring of the property, installed a new fire alarm system and sound system, and purchased new furniture and kitchen equipment for the business.
SECOND FLOOR
This floor is subleased to a local business and achieves a rental income of £650per month.
EXTERNAL
To the front of the building is a large beer garden with seating for 70 but this area has a much larger capacity.
Main entrance from the front beer garden into a central hall and stairway. To the right is a small SNUG AREA with its own servery and original features such as a feature fireplace and high ceilings. This trade area has some seating but is more of a standing area.
Left of the entrance hall is a large LOUNGE AREA with comfy sofa seating and a rustic feel that is in keeping with the age of the building.
CELLAR
Located to the rear of the snug servery is the cellar that is fitted with a good quality dispense system.
FIRST FLOOR
The first floor is divided in two: the front of the first floor is the main trade area and with wood flooring, exposed brickwork and feature fireplaces, this is a cool drinking lounge with a rustic feel. The rear half of the first floor is a large COMMERCIAL KITCHEN which is fully equipped and capable of producing a large number of food plates.
TOILETS are located off the main staircase.
All trade areas are presented in excellent condition. Our clients have invested heavily in the redecoration and rewiring of the property, installed a new fire alarm system and sound system, and purchased new furniture and kitchen equipment for the business.
SECOND FLOOR
This floor is subleased to a local business and achieves a rental income of £650per month.
EXTERNAL
To the front of the building is a large beer garden with seating for 70 but this area has a much larger capacity.
The Business
Our clients have operated Bar Loco for 6 years and have reinvested into the business continuously:
re-wiring, installing a new fire alarm system and sound system, and buying new furniture and kitchen equipment. The business enjoys a good turnover and good profits. This is a true turnkey business in an excellent location and will make a great investment for anybody.
Further accounting details are available to all interested parties following a formal viewing.
re-wiring, installing a new fire alarm system and sound system, and buying new furniture and kitchen equipment. The business enjoys a good turnover and good profits. This is a true turnkey business in an excellent location and will make a great investment for anybody.
Further accounting details are available to all interested parties following a formal viewing.
Tenure
LEASEHOLD £125,000 to include goodwill, fixtures and fittings. Stock at valuation in addition.
Bar Loco is held on a full repairing and insuring lease agreement from a private individual for a term of ten years, commencing January 2019. The lease falls within the security provisions of the Landlord & Tenant Act 1954 and is fully assignable. Rent currently stands at £37,500 per annum, paid monthly in advance, subject to five yearly rent reviews. An incoming party will be required to provide a rental deposit to the Landlord in advance plus personal guarantors. The lease is free of all trade ties.
No direct approach to be made to the business; please direct all communications through Sidney Phillips.
Viewing strictly by appointment only.
Bar Loco is held on a full repairing and insuring lease agreement from a private individual for a term of ten years, commencing January 2019. The lease falls within the security provisions of the Landlord & Tenant Act 1954 and is fully assignable. Rent currently stands at £37,500 per annum, paid monthly in advance, subject to five yearly rent reviews. An incoming party will be required to provide a rental deposit to the Landlord in advance plus personal guarantors. The lease is free of all trade ties.
No direct approach to be made to the business; please direct all communications through Sidney Phillips.
Viewing strictly by appointment only.
Licence
A full Licence is held
Services
All mains services are connected.
Local Authority: Newcastle City Council
Rateable value as at 01 April 2023 to present: £27,750
Local Authority: Newcastle City Council
Rateable value as at 01 April 2023 to present: £27,750
Enquire about this listing
Ray Vilka
Yorkshire
Ref: 95400
