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Commercial Property for sale

Middle Gate, Newark

1,636 sq. ft. | £249,000

Property Description

Commercial information

  • 1,636 sq ft (151 sq m)

Key features

  • TOWN CENTRE RETAIL INVESTMENT
  • POPULAR LOCATION
  • IN HISTORIC MARKET TOWN
  • TENANTS - LINCS CO-OPERATIVE LTD TRAVEL SHOP
  • TEN YEAR LEASE FROM APRIL 2014
  • RENT 16,250 EXLUSIVE OF VAT
  • SITS AMONGST NATIONAL OCCUPIERS
  • THREE FLOORS PLUS USEFUL CELLAR AREA

Full description

* TOWN CENTRE RETAIL INVESTMENT * POPULAR LOCATION * IN HISTORIC MARKET TOWN * TENANTS - LINCOLNSHIRE CO-OPERATIVE LTD TRAVEL SHOP * TEN YEAR LEASE FROM APRIL 2014 * RENT £16,250 EXCLUSIVE OF VAT * SITS AMONGST NATIONAL OCCUPIERS * THREE FLOORS PLUS USEFUL CELLAR/ STORAGE AREA *

* TOWN CENTRE RETAIL INVESTMENT
* POPULAR LOCATION
* IN HISTORIC MARKET TOWN
* TENANTS, LINCS CO-OP LTD TRAVEL SHOP
* TEN YEAR LEASE FROM APRIL 2014
* RENT £16,250 EXCLUSIVE OF VAT
* SITS AMONGST NATIONAL OCCUPIERS
* 3 FLOORS PLUS USEFUL STORAGE CELLAR AREA

Location - The property is prominently situated on Middle Gate in the centre of market town of Newark, a thriving town with a good range of facilities and amenities, including national and local retailers, supermarkets, banks, a fine Georgian market place, restaurants, bars and cafe's. The property is within easy walking distance of all of these in addition to public car parks and would be considered a prime retail location.

The immediate area surrounding the subject property comprises nearby occupiers including Fat Face, Phase Eight, Boots, Yorkshire Trading Company, Millets, Romans, Viyella, Vodafone, Halifax Building Society, The Buttermarket containing numerous individual shops and two reputable local fashion stores - Shirtsleeves and Masdings.

Newark has seen inward investment, by way of new retail developments including the Asda scheme, extension of the Northgate retail park and improvements to the St Marks shopping centre. The property is centrally located in Middle Gate with good footfall between Morrisons supermarket, Marks and Spencer, Boots and Newark market place, usually hosting four outdoor markets every week.

Transport Links - Newark is a sizeable market town with a residential population of 24,000, together with a catchment area with a population of 113,000. The area is placed reasonably centrally in the UK and is well placed for access to the A1 for commuting north to Retford (14 miles), Workshop (20 miles) and Doncaster (30 miles) and south to Grantham (14 miles), Stamford (45 miles) and Peterborough (57 miles). The A1 is only two miles from the site and the A46 approximately 1.5 miles distant. Northgate railway station has a regular and frequent main line service to London Kings Cross with a usual journey time of 75 minutes.

Description - The property comprises a well let retail investment opportunity located in the town centre of Newark amongst other occupiers including Fat Face, Phase Eight, Romans, Boots and other niche fashion retailers. The attractive Georgian property is arranged over three floors plus a useful cellar area with a net internal floor area of 138.8 sqm (1,494 sqft). The property comprises a small ground floor shop with two upper floors which are mainly used as office, wc and storage, there is also a useful cellar area which is dry for storage. The building is narrow, with a 3.31 metre width but the ground floor has a 22.2 metre depth.

Accommodation - We have measured the buildings to it's Net Internal Area and therefore any non-useable space such as hallways and wc's have not been included within the overall square footage, in accordance with the RICS Code of Measuring Practice (Sixth Edition). The retail unit comprises 1,494 sqft (138.8 sqm) and in more detail comprises the following:

Ground Floor Sales Area - 22.20m x 3.28m (72'10" x 10'9") - Open plan sales area with access to the cellar and upper floors.

First Floor Stock Room - 4.09m x 3.78m (13'5" x 12'5") - Located to the front of the property, window and storage area.

First Floor Stock Room Two - 4.09m x 4.93m (13'5" x 16'2") - Rear storage area with small kitchen facilities and wc with wash hand basin.

Second Floor Stock Room - 4.11m x 3.78m (13'6" x 12'5") - located to the front of the building with small sash window, cast iron fireplace and carpet floor.

Second Floor Stock Room Two - 3.68m x 3.78m (12'1" x 12'5") - Small stock room located to the rear of the building.

Planning - The property has an existing planning use for A1 Shop currently occupied by a travel agency falling under The Town and Country Planning (use classes) order 1987. The property is situated within the towns conservation area.

Planning Future Alternatives - There may, subject to necessary planning consent be opportunity to convert the upper floors into residential use. For planning uses, interested parties are advised to make their own enquiries to Newark and Sherwood District Council, 01636 650000.

Services - Mains water, electricity, gas and drainage are all connected to the property, the heating is via storage heaters.

Tenure - The property is let on a 10 year full repairing and insuring lease from April 2014, with eight years unexpired. There is a rent review and option to determine at the end of the fifth year in April 2019. The current rent is £16,250 per annum.

Security Of Tenure - The lease is drafted inside the security of The Tenure and Compensations Provisions of the 1954 Landlord and Tenant Act.

Rateable Value - The premises are listed in the 2010 rating list as shop and premises with a rateable value of £11,250. The current rates payable for 2016/2017 is 48.4p in the pound.

Viewing - Strictly by appointment with the selling agents.

Legal Fees - Each party will be responsible for their own legal costs incurred in this transaction.

Disclaimer - None of these services are fittings or appliances, if any, heating installations, plumbing or electrical systems have been tested and no warranty is given as to there working ability.

Further Information - For further information contact Kirsty Keeton Dip.Surv MRICS: 01636 550810 kirsty@richardwatkinson.co.uk


More information from this agent

Nearest stations

  • Newark Castle (0.3 mi)
  • Newark North Gate (0.6 mi)
  • Rolleston (3.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Richard Watkinson & Partners, Newark - Sales

35 Kirk Gate, Newark, Nottinghamshire, NG24 1AD

01636 377011 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Newark Castle (0.3 mi)
  • Newark North Gate (0.6 mi)
  • Rolleston (3.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Richard Watkinson & Partners, Newark - Sales

35 Kirk Gate, Newark, Nottinghamshire, NG24 1AD

01636 377011 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 26532228. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Richard Watkinson & Partners, Newark - Sales. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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