Leisure Opportunity To Let/May Sell in Newcastle, Assembly Rooms, Fenkle Street, Newcastle upon Tyne, NE1 5XU

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. 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. 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.