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A new bar on Newcastle’s High Bridge will soon open after a commercial property deal for two entrepreneurial brothers and a leading leisure operator reached completion.

John and Greg Hall, grandsons of property developer Sir John Hall, have agreed to lease their former retail premises to Neill Winch of leisure operator Danieli Holdings, which is investing £1m on its first Newcastle city centre venture, transforming the vacant building into three-storey bar and restaurant YOLO Townhouse.

The re-development to create YOLO Townhouse follows the successful opening of the first outlet in Ponteland in September 2015, and will create around 100 jobs.

John Hall said: “Due to the prime location of the building we saw a lot of market interest from potential operators, but the decision to go with Danieli Holdings, was cemented by Neill’s reputation to deliver what promises to be a fantastic addition to the city’s leisure scene. High Bridge is growing in popularity as a leisure destination and we are delighted that the building will become a focal point of the area’s increased prominence.”

Neill Winch, chief executive of Danieli Holdings which also has business interests in the security, care and property sectors, said: “High Bridge is the ideal location for the second YOLO and we are looking forward to the bar’s opening late April, early May.

“We are undertaking an extensive refurbishment of the building which will comprise of three trading floors with a fantastic outside area on the second floor.”

Property partner Peter Clegg from Square One Law acted for John and Greg Hall.

He said: “Over the last year we have seen an upturn in the volume of commercial property activity in the leisure sector because of the strong levels of confidence and ongoing demand from occupiers.

“The redevelopment of this premises into a high quality bar will undoubtedly strengthen the appeal of High Bridge as a sophisticated leisure destination within Newcastle City centre .”

Ryan Bannon, partner and head of commercial property at Mincoffs Solicitors acted on behalf of Danieli Holdings. He said: “It was a pleasure to be involved in this transaction where all parties were focussed on concluding the deal promptly.”

Bradley Hall acted on behalf of the landlord.

Tim Aisbitt, associate director at Bradley Hall, added: “This is an exciting investment for Danieli Holdings as opportunities like this don’t come along very often.

“The planning permission for a bar, on top of the high footfall in the area and the surrounding established businesses, made the property very attractive to leisure operators.

“The decision from the landlords to let the building to such a successful leisure operator was a fantastic move not only for the businesses involved, but also for established and future surrounding operators.

“Thanks to this investment the High Bridge area will only increase in popularity following the opening of the new YOLO bar.”

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