Bar / Nightclub for sale

Investment Property, 58-68 Ocean Road, South Shields, Tyne & Wear, NE33 2JD

Offers Over £500,000

Property Description

Commercial information

  • Business for sale

Key features

  • Mixed use premises - retail and bar/nightclub
  • Fully let to three separate entities
  • Total rental income 63,500+VAT per annum
  • Investment sale - businesses unaffected
  • Part of established licensed circuit
  • Energy Rating D & E
  • Christie & Co Ref: 6450453

Full description

Tenure: Freehold

Description

A substantial, commercial premises in a highly visible and accessible roadside position on the edge of a busy town centre.

The property is currently fully let at present and is offered for sale as an investment. Vacant possession may be available in circa 12 months' time, should a purchaser have alternative use ideas for the premises.

Location

The property is situated on Ocean Road in South Shields, a busy seaside town in Tyne and Wear, circa 11 miles east of Newcastle upon Tyne.

Ocean Road is a very busy street forming part of a long established licensed circuit, with bars, restaurants and guest houses/B&B's. The surrounding areas are also densely populated with residential housing.

Other commercial premises nearby are occupied by a Morrisons supermarket and Halifax bank.

Internal Details

The property is subdivided in to three separate trading areas, as follows;

Basement - currently occupied by a local night club operator and briefly comprises a dance floor/drinking area, numerous bar serveries, customer toilets and four store rooms.

Ground Floor - currently occupied by a local, independent retailer and comprising a shop floor/sales area with two store rooms, an office and staff toilets.

First & Second Floors - currently occupied by a local bar operator, with the first floor comprising the main nightclub with bar servery and ancillary areas including customer toilets, office and store rooms. The second floor is for ancillary use only and comprises toilets and numerous offices and stores.

Tenure Details

The premises is fully let to three separate entities on leases/tenancies of varying types, generating a combined rental income of £63,500 + VAT per annum.

Roxannes (Basement) is let on a tenancy at will, generating a rental income of £36,000 + VAT per annum.

The Ground Floor retail unit is currently let to an independent retailer on a six year lease from August 2020 at a rent of £17,500 + VAT per annum, rising to £20,000 +VAT per annum at the anniversary of the third year of the lease.

The first floor bar/club (Can Can Bar) is under offer, pending exchange of contracts, at a rent of £10,000 + VAT on a 12 month tenancy.

The Opportunity

The property is held as an investment by the current owners, who collect a rent from three tenants. All existing tenants have expressed an interest in signing long-term agreements. However, our clients are mindful that a purchaser may seek vacant possession and so have deliberately held off signing longer leases.

Development Potential

Should the premises become vacant at any point, there may be scope to convert into office, retail or residential accommodation, subject to the necessary planning consents being granted.

The former owners of the building has drawn up plans for residential conversion. These plans can be made available to interested parties on request.

Business Rates

The Rateable Value is £36,750 with effect from April 2017. Confirmation of actual business rates payable should be obtained from the local authority.

Regulatory

Premises Licence.


More information from this agent

Nearest stations

  • South Shields (0.2 mi)
  • Chichester (0.6 mi)
  • North Shields (1.0 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Newcastle Upon Tyne

Shakespeare House 18 Shakespeare Street, Newcastle Upon Tyne, NE1 6AQ

0191 687 0826 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

  • South Shields (0.2 mi)
  • Chichester (0.6 mi)
  • North Shields (1.0 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Newcastle Upon Tyne

Shakespeare House 18 Shakespeare Street, Newcastle Upon Tyne, NE1 6AQ

0191 687 0826 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 6450453-fh. 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 Christie & Co , Newcastle Upon Tyne. 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.

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