Newcastle has always had a reputation as a good place for a night out, and in recent years the Angel of the North, Baltic gallery and "Winking Eye" bridge have helped raise the city's profile further.
The Bigg Market area is said to have the highest concentration of pubs and bars in Europe, and in recent years there has been an explosion in licensed leisure around the Osbourne Road area in Jesmond.
But Vicky McIntyre, pubs and restaurants valuer at Newcastle-based property agents Ian Moralee & Co, says the city is pretty much sewn up now, and the situation for freeholds is "dire". "You have to go out into the wilds of Northumberland to get a freehold," she says, and even then the businesses are often overpriced. Leasehold opportunities are also few and far between.
One prospect is the suburb of Heaton, and the expansion of the Quayside is also throwing up opportunities. But most people are looking out of town, to pubs in villages and restaurants in semi-rural locations. Nearby Sunderland could well be the next hot spot, says McIntyre, as there are still freeholds on the outskirts and licences are being granted.
There is also a shortage of hotel properties, especially in the city centre, says Elaine Dalgleish, Ian Moralee's hotels valuer. However, there are plenty in the 50-rooms-or-less category in north Northumberland.
A lot of owners are looking to hold on to the bricks and mortar and lease out the properties. "Property prices are going crazy, and that's affecting businesses, as the property prices are often far higher than what the business is worth," says Dalgleish.