NEWCASTLE, UK (CelebrityAccess) — The building that houses Newcastle's O2 Academy has been put on the market but the city's council with a suggested price of £625,000.
The sale is not expected to have an impact on the venue's operations when the building goes up for auction with commercial property specialists Lambert Smith Hampton acting as agents, The Newcastle Journal reported.
A rep for Commercial property specialist Lambert Smith Hampton told the Journal that the venue still had six years left on a 99-year lease, producing £2,500 a year ground rent.
“As is extremely common with many buildings, Newcastle City Council is selling off a number of its property assets and freeholds,” a spokesman for the 2,000-capacity venue told the Journal. “Please be assured that this does not in any way affect Academy Music Group and the trading of O2 Academy Newcastle; it is very much business as usual.” – Staff Writers