Description
The property comprises a Grade II Listed Georgian building constructed in 1776, with an external forecourt to the front.
The property spans 4 floors including basement, with the ground floor comprising a former nightclub and the upper floors currently utilised as leisure/events space. The Assembly Rooms function suites to the upper parts host corporate functions, banquets and conferences. The upper parts can accommodate up to a capacity of circa 450 guests.
The upper floors have a premises license in place until 4am, whilst the ground floor former nightclub and external forecourt previously hold a separate license until 4am, most recently operated by nightclub Chinawhite.
*NB We are aware the property has basement level, but have not included this in the referenced measurements.
Offers are invited in excess of £2,000,000 (Two Million Pounds), exclusive of VAT and subject to contract. A purchase at this level reflects 7.06% Net Initial Yield and 14.11% Reversionary Yield assuming ERV, assuming standard purchasers costs of 6.27%. This reflects a low Capital Value of £79.17 per sq ft.
Location
Newcastle upon Tyne is the commercial and administrative capital of the North East of England and one of the UK’s top seven regional cities. It is situated 98 miles north of Leeds, 104 miles south of Edinburgh, and 277 miles north of London. The city boasts a population of 300,000 extending to 1.7 million within a 30 minute drivetime and an urban economy worth £9.9bn.
Newcastle upon Tyne benefits from excellent connectivity and transport links, with the A1(M) located just west of the city providing vehicular access north to Edinburgh and south to Leeds. Newcastle Central Station sits on the East Coast Main Line, providing access to London within 2 hours and 50 minutes. For commuters, the Tyne & Wear Metro provides inter-city transport from Newcastle to Sunderland and is the third most used light rail network in the UK behind London and Manchester. Newcastle International Airport is located to the northwest of the city and provides daily flights to over 70 international locations. The city also has access to a European Cruise Terminal a short distance to the east, providing logistical and tourism links to mainland Europe.
The city is home to two leading universities, Newcastle and Northumbria. The city attracts over 60,000 students annually from the UK, 18,000 of which are international students from over 140 countries around the world. Newcastle University is a member of the prestigious Russell Group, comprising the 24 leading universities in the country.
The property is prominently situated at The Assembly Rooms, Fenkle Street, in the historic core of Newcastle upon Tyne city centre. Fenkle Street runs between Westgate Road and the vibrant Bigg Market area, positioning the building within one of the city’s most established leisure and hospitality districts.
The property lies a short distance from the popular Bigg Market and within a short walk of Grey Street, widely regarded as one of the UK’s finest Georgian streets, and the Theatre Royal. The prime retail destination of Northumberland Street is approximately a five to seven minute walk to the north, providing extensive national retail and leisure amenities.
Transport connections are excellent. Newcastle Central Station is a 5 minute walk to the south-west, offering mainline services on the East Coast Main Line. Monument Metro Station is also within easy walking distance, providing regular Tyne and Wear Metro services across the region, including links to the coast, Sunderland and Newcastle International Airport.
Numerous bus routes operate nearby along Westgate Road and Mosley Street, ensuring convenient access to both local and regional destinations.
Specifications
The property is subject to an existing lease to Split Decision Limited t/a The Assembly Rooms for a 25 year term from 1st August 2025 for a total annual rent of £150,000 per annum. The agreed rent commencement date is 1st April 2026. Further information on the tenant’s current operation can be found at
We understand that NCP Commercial Services Limited manages the car park to the front of the building. NCP provides car park management services, collects associated revenue and pays a monthly fee at a rate of £15,000 per annum on a rolling term (month-to-month). More information available on request.
The ground floor nightclub unit is currently vacant, previously occupied by Chinawhite.
