'Historic' Gateshead pub set for new lease of life with Christie & Co sale
Specialist business property adviser, Christie & Co has completed on the sale of The Greyhound, a local community pub in Gateshead, to a multi-site owner operator.
The pub - currently closed - comprises a bar area, pool table and darts area, plus a lounge area with a dance floor and stage for live music performances.
Historically trading well as a venue with locals, the wet-led pub hosted regular events and entertainment making it a hub in the town.
The Greyhound is said to be in a prime location to capture passing trade, as well as making it easily accessible for patrons.
David Cash, senior business agent at Christie & Co who handled the sale, said: “It’s great to see that there are purchasers that see value in pubs remaining as pubs.
“This sale shows that experienced operators can maintain profitable licensed businesses with the right model.
“We had good interest from a number of local people looking to take a tenancy, but our client’s preferred option was to sell their long leasehold interest, which resulted in a deal that benefitted both the vendor and the ultimate buyer.”
The previous owners decided to sell the long-leasehold interest in order to downscale their operations and concentrate on other matters.
The new owner is a multi-site owner operator looking to grow its estate, with The Greyhound marking their fourth pub acquisition through Christie & Co in as many years.
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