Gravity Bar building price drops by £125,000

The owners of a nightclub building have knocked £125,000 off the asking price according to the latest listings.

Eight Market Place, which houses Gravity Bar in Grantham, was originally listed in October on Rightmove for offers in excess of £500,000.

However, as of March 20, 2024, the current asking price is £375,000 - £125,000 lower than the original ask and equal to around £107.60 per square foot.

The 3,485 square foot building is up for sale through Savills; however, when asked to comment on the reasons for the decrease, the agents said they were unable to comment.

The Rightmove listing for the property describes it as a “freehold nightclub investment” across the ground, first and second floors, which is entirely let to the current operator.

The nightclub itself is said to be “unaffected” by the sale of the building.

The ground floor of the property comprises an entrance reception leading to an open plan bar, with a dance floor area to the rear.

There are bars at either side of the room with both fixed and free-standing seating, as well as a beer cellar, cloakroom, and accessible toilets.

The first floor provides customer toilets, along with self-contained living accommodation which includes two en-suite bedrooms, a kitchen, lounge, and bathroom.

The second floor provides storage.

The entire property is let to a private individual on a 20-year lease from November 2015 at a current rent of £56,927 per annum, which is subject to five-yearly open-market reviews.