Italian Food And Wine Bar Opportunity In Durham For Sale

Durham, County Durham, UK

Asking Price:: £125,000 Furniture / Fixtures included

Turnover:: £250,000

Net Profit:: Available on request

+ 8 images

• Extensive refurbished premises on Silver Street.
• Currently Italian wines and food offer.
• Scope to develop trade and extend hours.
• Circa 40 internal covers plus patio seating.
• Ideal for owner operator or partnership.
• Additional rent income from sub-tenants.

Property Information

Property:: Leasehold

Leasehold Type:: Existing

Lease Terms:

The premises are held on a 10 year lease from 2023 at a current rent of £27,600 per annum. There is a break clause and rent review at the 5th anniversary.

Additional income is generated from the basement and the barber shop contributes £240 per week with the tattoo parlour generating £50 per day when in use. The rental contribution can total up to £18,000 per annum.

Leasehold Rent:: £27,600 per annum

Location:

The premises are located on Silver Street which is the main route running from Market Place towards Framwellgate Bridge. Durham is a busy City approximately 15 miles due south of Newcastle upon Tyne with the benefit of a mainline railway station and direct access to the A1(M). The River Wear loops round the Romanesque Cathedral and the Norman Durham Castle. There is highly reputable University and all these factors draw visitors and tourists into the City throughout the year.

The immediate area around Silver Street is developing into a predominantly food and leisure destination and there have been a number of new occupiers coming onto the street over the last 18 months. There is also currently significant investment taking place nearby with the re-development of Milburngate Shopping centre and the construction of a cinema complex.

Premises Details:

The premises comprise the basement, ground and first floors of an attractive mid-terrace building where the public areas were fully refurbished and re-decorated prior to opening.

The current business has been operating since early 2020 and has positioned itself as an authentic Italian destination offering a selection of Italian beers and wines plus a compact menu of pizza and pasta.

Coviello has generated an excellent reputation over a short period of time but our client is considering an opportunity overseas and has put this onto the market.