Plans have emerged for a two-floor bar in the former KFC restaurant in Newcastle’s Bigg Market.
Dawson Enterprises Ltd has put forward a licence application for a venue called Geordie Racer, at the corner plot which has been empty for some time. The company, registered in Newcastle, wants to open the new business in the ground floor and basement at the corner of Grainger Street and the Bigg Market, while proposing plans for an al fresco dining area and garden outside.
The plans could see a venue open up from 9am to 2am every day, while also becoming the latest business to add to regeneration plans in the Bigg Market, which has been subject to funding from the National Lottery Heritage Fund (NLHF). Restoration works which have been given grants have so far been carried out at Swarley’s, Pumphreys, Meat:Stack; the Victorian men’s toilet building that is now WC Newcastle wine bar; Koh-I Noor; CosyJoes, Kafeneon and Balmbra’s.
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The proposals for the site come as a deal has been struck for the row of businesses including the old KFC unit. London commercial real estate specialist Sisu Advisors Ltd is now the landlord of businesses at 68–82 Grainger Street, following the £1.6m city centre deal.
The property includes four ground floor retail units and a basement level bar, set in the Georgian Grade II listed building with frontage to Grainger Street and Bigg Market. Tenants include Grainger News Ltd and Vaulkhard Leisure, which runs its popular basement bar Mushroom Bar in the building.
Simon Beanland, principal at Avison Young which acted for Sisu Advisors in the purchase, said: “We are pleased to have secured this prominent retail parade and established night club in Newcastle city centre. There is already an exciting occupier signed for the corner unit with good interest in the remaining retail space. We think that when occupied these units will transform this section of the city centre, offering great performance for our client.”
Vesa Poikonen, founding partner at Sisu Advisors Ltd, said: “Sisu Advisors is dedicated to always finding the best deals and creating value to our investors. We are very glad to have successfully purchased this attractive asset offering a high return with a long lease profile and further upside from active asset management.”
