Traditional pub in Sunderland sold through Christie & Co
Specialist business property adviser, Christie & Co has completed on the sale of Saltgrass, a traditional pub and destination venue in Sunderland, Tyne & Wear, to Marson Investments.
Refurbished to a high standard and decorated in a contemporary style with some traditional influences throughout, the main bar area and the larger restaurant/dining room provide seating for approximately 90 covers altogether. Externally, there is a large raised terrace to the side of the property, while the first floor maintains a fully equipped commercial kitchen and a two-bedroom manager’s flat.
Saltgrass is situated on Ayre’s Quay on the south bank of the River Wear and forms part of a well-established dining and drinking circuit. Steeped in local history, the pub was popular with shipyard workers when industry boomed in the local area and remains well supported by the local community today, maintaining an excellent reputation for quality food and premium ales.
The previous owner carried out a complete refurbishment programme and built a sustainable business, which is popular with locals year-round.
New owner, Marston Investments is based in Sunderland and has already found a tenant to take a new lease. Walter Veti of Marson Investments comments, “We are a family firm from Sunderland and have known The Saltgrass for many years. Earlier this year, we set about expanding our portfolio and have a few projects ongoing. When we saw Saltgrass up for sale, it seemed like an obvious move for us. We now have a new tenant operating the unit for us and look forward to seeing it go from strength to strength.”
David Cash, Senior Business Agent at Christie & Co, handled the sale and comments, “This is the third pub on Wearside that I have sold in the last six months and we have another nearby under offer, all of which have been sold to locals, and three of which are to be retained for existing pub use, which is great to see. These sales demonstrate that there is definitely demand for freehold licensed premises in the area from a variety of people, whether that be owner-operators, investors or developers.”
Christie & Co sought an asking price of £225,000 for the freehold interest of Saltgrass.
