Restaurant for sale

14-18 Stowell Street, Newcastle Upon Tyne, NE1 4XQ

699 sq. m. | £40,000

Property Description

Commercial information

  • Business for sale
  • 7,530 sq ft (699 sq m)
  • Use class orders: A3 Restaurants and Cafes

Key features

  • Premium Payable 60,000
  • Fully Fitted & Equipped
  • A3 Restaurant Consent
  • Prominent Position
  • 2 x Businesses

Full description

BUSINESS FOR SALE

The businesses currently trading as 'Mandarin' and 'Little Asia' occupy a prominent position on Stowell Street. The business trading within the basement and ground floor premises forms part of a three storey mid terrace building. The property benefits from full A3 use classification. Internally the properties consist of 80 covers 'Mandarin' and 60 covers 'Little Asia', fully fitted and equipped commercial kitchen along with bar area. The basement includes a recently refurbished function room with separate bar, male and female W.C. facilities.

LOCATION
The subject business is located on Stowell Street, Newcastle Upon Tyne. Stowell Street, which lies to the rear of 'The Gate' sits within the popular restaurant parade know as China Town. The street comprises of various other occupiers generating high levels of footfall together with reasonable level of services and facilities.

ACCOMMODATION
Mid terrace ground floor restaurant. Access from street level leading to:
Ground floor: main sales floor area housing 80 covers 'Mandarin' 60 covers 'Little Asia', bar to the front, suspended ceiling and spot lighting throughout and fully fitted and equipped commercial kitchen to the rear. NIA APPROXIMATELY: 394.8m2 (4,249ft2).
Basement: hallway leading to male and female W.C. facilities, staff room, additional storage, recently refurbished function room. NIA: 304.8m2 (3,280ft2).
Total NIA approximately: 699.6m2 (7,530ft2)
We have been advised the premises benefits from the late night music and liquor licence. The premises is supplied with gas, water and electricity.

BUSINESS DETAILS
We have been advised the business currently enjoys sales averaging 9,000 per week. Accounts are available on request. Premium of 60,000 payable prior to commencing lease.

LEASE TERMS
We are verbally advised that both businesses are on one lease at 63,000 per annum with a rent review provision every three years with ten year left on the current tenancy with lease commencing 04/09/2014.

SERVICE CHARGE
We have been advised the service charge payable is circa 5,000 per annum. Interested parties should make their own enquiries prior to placing an offer.

RATEABLE VALUE
The adopted rateable value is due to be reassessed.

Nearest stations

  • Newcastle Central (0.3 mi)
  • Manors (0.6 mi)
  • Jesmond (0.9 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Pattinson Estate Agents, Commercial

21/23 Ridley Place, Newcastle Upon Tyne, NE1 8JN

0191 687 0258 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Newcastle Central (0.3 mi)
  • Manors (0.6 mi)
  • Jesmond (0.9 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Pattinson Estate Agents, Commercial

21/23 Ridley Place, Newcastle Upon Tyne, NE1 8JN

0191 687 0258 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 5695. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Pattinson Estate Agents, Commercial. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

Map data OpenStreetMap contributors.