Popular Newcastle pub Union Rooms has been sold.
The successful purchase of Union Rooms was a team effort between a Durham entrepreneur, property specialists Bradley Hall and commercial law firm Square One Law.
The five-storey Union Rooms, at the bottom of Westgate Road, dates back to 1877 and was put on the market for sale by its present owner JD Wetherspoon last summer.
Property agent Bradley Hall, on behalf of Durham businessman Andrew Ward, is constantly monitoring the market for commercial and investment opportunities.
Peter Bartley, director at Bradley Hall, said: “The Union Rooms is a prize leisure asset that doesn’t often become available in the centre of Newcastle. It’s a genuine trophy site and business.
“This is a significant investment for our client. It’s an attractive Grade II building, a profitable leisure site and one the client intends to add value to.
“There will be further investment in the Union Rooms with additional plans to develop the upper parts of the building.”
Andrew Ward has acquired the building for an undisclosed fee through a newly launched company, Union Rooms Newcastle Management Ltd, and will take over the operation later in February. The pub has been bought as a going concern and every effort will be made to ensure trade continues during the transition in change of ownership.
Mr Ward already owns five pubs in Durham – The John Duck, The Angel, The Elm Tree, The New Inn, and The William Hedley. He also owns Workwear Express, employing more than 130 people in Belmont, Durham, along with other property assets.
Bradley Hall and Square One Law have previously worked with Mr Ward on many of these property acquisitions.
Peter Clegg, partner in Square One Law’s property team said: “The Union Rooms is an iconic building in a prominent location and as a local firm we are delighted to have worked on such a prestigious project. We have worked with Andrew on a number of transactions and look forward to the future success of his latest venture.”
Mr Ward bought the Three Tuns Hotel in Durham from the city’s university last September, along with adjoining retail properties in a deal brokered by Bradley Hall for £6.25m.