Majority let to City Centre Restaurants (UK) Limited guaranteed by City Centre Restaurants plc until 2021
Located within renowned Quayside leisure district
Nearby occupiers include Slug & Lettuce, Chase Bar and Premier Travel Inn
Six Week Completion Period Available
Lot 25
Auction 8th December 2011
Rent £70,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector Leisure
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
On Behalf of Telereal Trillium
Property Information
Location
Miles
0.8 miles north of Gateshead, 13 miles north-west of Sunderland, 37 miles north of Middlesbrough
Roads
A167(M)
Rail
Newcastle Central Railway Station and Newcastle Main Railway Station (direct to London Kings Cross)
Air
Newcastle Airport
Situation
The property is situated in a prominent position on the eastern side of Sandhill within the Quayside leisure district. Nearby occupiers include Slug & Lettuce, Chase Bar and Premier Travel Inn.
Tenure
Freehold.
Location
Miles
0.8 miles north of Gateshead, 13 miles north-west of Sunderland, 37 miles north of Middlesbrough
Roads
A167(M)
Rail
Newcastle Central Railway Station and Newcastle Main Railway Station (direct to London Kings Cross)
Air
Newcastle Airport
Situation
The property is situated in a prominent position on the eastern side of Sandhill within the Quayside leisure district. Nearby occupiers include Slug & Lettuce, Chase Bar and Premier Travel Inn.
Tenure
Freehold.
Description
The property, an attractive Grade II Listed building, comprises restaurant/bar accommodation on ground and first floors with kitchen/ancillary accommodation on lower ground floor. The three remaining upper floors, formerly used as residential accommodation, are accessed internally.
VAT
VAT is applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register their details with the Auctioneer and provide identification on site.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, an attractive Grade II Listed building, comprises restaurant/bar accommodation on ground and first floors with kitchen/ancillary accommodation on lower ground floor. The three remaining upper floors, formerly used as residential accommodation, are accessed internally.
VAT
VAT is applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register their details with the Auctioneer and provide identification on site.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
|Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Lower Ground Ground First
Kitchen/Ancillary
Restaurant/Bar Restaurant/Bar
111.58 sq m
136.38 sq m 124.58 sq m
(1,201 sq ft)
(1,468 sq ft) (1,341 sq ft)
CITY CENTRE RESTAURANTS (UK) LIMITED (1)(2) guaranteed by City Centre Restaurants plc
25 years from 07/08/1996 until 06/08/2021 on a full repairing and insuring lease
£70,000
07/08/2011 and 07/08/2016
Second
Formerly Residential
90.21 sq m
(971 sq ft)
VACANT POSSESSION
Third
Formerly Residential
90.21 sq m
(971 sq ft)
VACANT POSSESSION
Fourth
Formerly Residential
Not Measured
Not Measured
VACANT POSSESSION
Totals
552.96 sq m
(5,952 sq ft)
£70,000
(1)For the year ending 2nd January 2011, City Centre Restaurants (UK) Limited reported a turnover of £356,167,000, pre-tax profits of £49,629,000 and a total net worth of £57,817,000. (Source: www.riskdisk.com 03/11/2011). (2) The tenant has sublet their demise. The subtenant is not currently in occupation.
