Tue, 30 Jan 2024 | COMMERCIAL PROPERTY
A popular bar and live music venue in Newcastle city centre is being brought to market due to its owner deciding to retire. The Hoochie Coochie has been operating on Pilgrim Street since 2011, gaining a strong local reputation as a venue for funk, soul and jazz music.
The venue features a large, open plan ground floor trading area, with a bar, dance-floor and stage, as well as a raised section with lounge style seating. Ancillary areas include dressing rooms for performers, customer toilets, staff office and store, beer cellar and a commercial grade catering kitchen, which is not currently in use.
The property is held on a 25 year lease, commencing August 17 2006, meaning it has around seven years left to run. Passing rent is currently £50,000 per annum (with a rent review every five years from the commencement of the lease date) and there is a service charge of around £10,000 per annum (subject to change and annual review).
The bar is situated in a well-established license and leisure circuit in close proximity to many of Newcastle’s most popular bars, restaurants and hotels and is just 0.5 miles from Newcastle Central Station. Furthermore, the area surrounding the bar is earmarked for a multi-million pound leisure, hospitality and business redevelopment scheme.
The bar is being brought to market by Christie & Co, who say that the deal provides “a fantastic opportunity for an experienced operator to take over a free-of-tie lease with a private landlord.” The property agent adds that the venue “lends itself to a variety of uses” and has scope to bring the kitchen back into use.
David Cash, Regional Director for Pubs & Restaurants, who is handling the sale, comments, “Hoochie Coochie is an institution in Newcastle and a stalwart of the live music scene. The location is second to none and Pilgrim St is set to become even busier with all of the development underway on this side of the city.”
“The Hoochie Coochie brand is a niche concept and may be available to purchase to the right applicant, but if a buyer didn’t want the brand and had their own concept, the leasehold interest and premises license only are also available. We have already had approaches from a number of parties who see huge potential in the location/premises and would look to completely reposition the offer to suit their own model.”
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