This property is no longer on the market
Hotel
Property description & features
- City centre mixed use business
- Nine bedroom hostel
- Ground floor convenience store
- 25 Year Sublease Available
- 5x tenanted studio flats (£100PW each)
- 2x tenanted massage rooms (£300PW)
- Accounts available upon serious enquiry
Rooms
Rateable Value
The adopted rateable value is £7,300 as of 1 April 2023.
Sourced by VOA.
Location
The business is excellently situated within Grainger Street, Newcastle Upon Tyne, located within the main leisure district of the city centre. Grainger Street is an established retail street stretching from Grey's Monument, south to Westgate Road. Grainger Street is an established shopping location within the city centre, with a number of household retailers encouraging high levels of footfall and passing trade.
Specifically, the business is 10m from the famous Bigg Market within walking distance of the Theatre Royal, the Cathedrals, the Metro Radio Arena, Newcastle United Football Ground, the Newcastle Quayside, Bridges, The Gate entertainment complex, bars and Aspers Casino. Eldon Square Shopping Centre is only 100m from Heroes Hostel-Hotel.
The Metro Centre is a 15 min bus or train ride away. The whole of the North East history is within its reach, including the world famous Had...
Accommodation
To the ground floor is a convenience store, and to the upper floors there are 9 letting bedrooms comprising twin and triple bunk beds, all with en-suite with shower, toilet and washbasin. Two more rooms are used as massage rooms. Within the upper floors are also five studio flats.
Business Details
The hostel business operates on a bed by bed charge with online booking facility. It is currently operated by family members, to be sold free of tie of staff. Our client will discuss turnover of the hostel and convenience store business with interested parties on viewing. The five studio flats are let at £100PW each with all bills included, and two more rooms are let to a masseuse for £300PW (totalling a rental income of £57,200 per annum).
Lease Terms
The premises are offered by way of new 25 year sublease as a passing rental of £519 per week (£26,988 per annum).
EPC
Available upon request.
VAT
We are advised that VAT is not payable on this transaction.
Places of interest
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Broadband availability and predicted speed
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Mobile phone signal availability and predicted strength
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Clear: No bars, no signal predicted
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