OWNERS of one of Newcastle’s most prominent pub buildings has put it up for sale, with an asking price of £6.6m.
The Pitcher and Piano, on the city’s Quayside, is currently leased to Marstons for £350,000 a year – with the agreement reportedly set to be renewed for another 35 years.
But Los Angeles headquartered property firm CBRE have been instructed to sell the building itself, which underwent a £350,000 refurbishment in March 2013.
Speaking to the Bdaily website Andrew Watt, senior director of CBRE’s National Specialist Markets team, said: “This represents a unique opportunity for an investor to acquire a high profile investment with strong, long-term rental returns.
“The whole Quayside area of Newcastle has undergone a renaissance of regeneration and its popularity continues to rise.
“The Pitcher and Piano is an established leisure destination and we anticipate very high levels of interest.”