Tokyo Bar, a “stylish” late-night bar and club in Newcastle, has been put up for sale with the specialist business property adviser, Christie & Co, at an asking price of £1,275,000.
The business and a new lease are also offered at an asking price of £200,000 and an asking rent of £85,000 per annum.
“Tokyo Bar is a well-known venue with a strong and loyal customer base, trading under a 2.30 am licence and with a capacity of 320 across five floors,” said the agent.
“Despite broader challenges in the late-night sector, the long-established city centre bar is part of a busy circuit of licensed venues and maintains a robust trading performance, with significant scope for repositioning and potential to introduce daytime trade to further increase revenue.”
The venue has been owned for the past decade by a local operator, who originally acquired the site through Christie & Co with a ten-year plan to refurbish, trade, and eventually sell to move towards semi-retirement. They now plan to sell Tokyo whilst continuing to trade their other venue, Alvino’s on Pilgrim Street.
David Cash, regional director for pubs and restaurants at Christie & Co, added, “Very rarely are freehold licensed premises offered for sale in this area, and we expect interest from existing, local operators as well as those from other major cities looking for a presence in Newcastle.
“The venue has an incredibly strong customer base, and there are exciting opportunities to reposition the site and open during the day to increase sales. The vendors would also consider leasing out the premises to an operator with a strong track record of running licensed venues.”
For more information, visit the property page: https://www.christie.com/6450574/
AloJapan.com