The Exchange, a 'hidden' underground bar in Newcastle city centre, is up for grabs on a leasehold basis, a year after closing its doors. The venue, located on Prudhoe Chare, is just steps away from the city's busiest streets, making it a prime spot in the heart of town.
History of the venue
For decades, the building was known as The Northumberland Arms, a 'proper' boozer. After its closure, it became The Purple Bear smokehouse, following plans to turn the old Fleet Street on nearby Pudding Chare into a restaurant that never materialised.
The Purple Bear enjoyed popularity for years, but after shutting down, the premises was reborn as The Exchange in 2021. It quickly drew curiosity with its speakeasy 1920s decor and atmosphere, complete with phones on some tables, a nod to the Tuxedo Junction era, allowing drinkers to call others in the bar.
The Exchange's rise and fall
With a varied food and cocktail menu, The Exchange initially thrived, but popularity waned. A change of management, which shifted focus towards football fans with NUFC-themed dishes, failed to build momentum.
A public callout for a new operator was made in spring 2025, before the bar shut in June, after a busy weekend when Sam Fender played three sold-out shows at St James' Park. The last Facebook post, on the eve of Sam's gigs, said: 'we owed it to you to stick it out for SAM FENDER WEEK.'
Current listing
As of Friday, August 8, The Exchange is being advertised by Christie & Co with 'offers invited'. The property description notes the 'secret' telephone box door access and describes it as 'a unique and characterful basement venue accessed via Prudhoe Chare, historically operated as a speakeasy-style bar and restaurant. The site is highly adaptable and can be reimagined to suit a range of leisure, hospitality, entertainment or experiential concepts.'
The listing adds: 'Its combination of location, character and flexibility makes it suitable for an ambitious operator seeking to establish a flagship presence in one of the North East’s strongest commercial environments.'
