Savills Investment Management has sold the Pitcher & Piano bar/restaurant on Newcastle’s Quayside to Cable Properties for in excess of the £5.595m guide price.
The property comprises 10,885 sq ft across the ground, first and part of the second floor. It has capacity for 500 customers on the ground floor and 150 on the first floor, alongside a separate external terrace.
The property is fully let to Marston’s Estates Limited with Marston’s Plc on a 35-year lease from 1 March 2014.
Peter Atkinson, director in Savills’ Newcastle investment team, which acted for Savills IM on the sale, said: “Pitcher & Piano is prominently located in a unique waterfront setting within one of the city’s prime leisure pitch’s and let on a long lease to a proven tenant. This sought after deal underlines the confidence in the city’s leisure offer and positive long-term prospects for prime real estate in the city.”
MHPI represented Cable Properties.
