A former bar and restaurant in Newcastle has had its asking price reduced.

Nancy’s Bordello, located on Argyle Street in the busy Manors area, is now on the market for £499,000.

The venue, which was a popular 'neighbourhood bar' for over a decade and closed due to Covid measures and has remained shut since.

It was a popular spot for students, young professionals, and local residents before its closure.

The owners, The Apartment Group, are selling as they focus on other business ventures, while business property adviser, Christie & Co, is handling the sale.

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The company believes the property could be converted to student accommodation or residential use, given its location in a high-density residential area. This would, however, require the appropriate planning permission from Newcastle City Council.

Alternatively, the venue could be transformed into office accommodation or other commercial use.

Marslie McGregor, Business Agent at Christie & Co, said: "Nancy’s Bordello’s presents an excellent opportunity for an aspirational pub, bar, or restaurant operator to reopen the venue which held a superb reputation prior to its closure.

"The immediate area is now far more densely populated than it was when the current owners used to operate the site which suggests it would likely be incredibly busy if it were to reopen."

The potential for conversion or reopening as a bar, restaurant, or pub should make this property an attractive opportunity for potential buyers say Christie & Co.

For more information on this opportunity, visit: https://www.christie.com/6450525/