Commercial Property for sale

Sleaford Road, Newark, Nottinghamshire, NG24

Under Offer £525,000
1,507–5,827 sq. ft.

Property Description

Commercial information

  • 1,507 sq ft (140 sq m)

Key features

  • Freehold Investment For Sale
  • Car Service centre let to Kwik-Fit with end of terrace house to rear converted into 2 flats
  • Busy & Prominent edge of town centre location
  • Potential for income growth from outstanding rent review.
  • Currently producing 39,640 p.a.
  • Available as one lot or can split.

Full description

Tenure: Freehold

Long established car servicing garage in prominent position with residential property to rear (can split). Outstanding rent review offers potential for rental growth.

Newark is an historic and thriving market town with a resident population in the order of 35,000 and a district population of around 90,000. The town is served with excellent communication links being situated at the A1, A46 & A17 trunk roads and with excellent rail services via the East Coast main line to London.

The accommodation briefly consists:

GARAGE PREMISES:
Main workshop - 4,387 sq ft (407.6 sq m).
Mezzanine - 443 sq ft (41.2 sq m).
Ancillary - 193 sq ft (17.9 sq m).
MOT workshop - 804 sq ft (74.7 sq m).
TOTAL = 5,827 sq ft (541.4 sq m)

30 APPLETONGATE
(A traditional Victorian bay fronted end of terrace property):

Ground Floor Flat -
1 bed with gas central heating & replacement double glazing - 560 sq ft (52.0 sq m).

First & Second Floor Flat -
2 bed with gas central heating & replacement double glazing - 947 sq ft (88.0 sq m).

TOTAL = 1,507 sq ft (140 sq m).

EXTERNALLY:

There is a forecourt to the front providing customer parking and yard area to the rear accesses from Appletongate providing additional parking and delivery access.

SERVICES:
All mains services are available for connection to the property although prospective purchasers should note that none of the services have been tested & that they are advised to make their own enquiries to the relevant utility companies as to the suitability and / or capacity thereof.

RATEABLE VALUE & COUNCIL TAX:
We are advised that the property has a Rateable Value of £31,750. The 2 flats are both in Band A for Council Tax purposes. All enquiries regarding Business Rates or Council Tax should be made directly to NSDC - Tel: 01636 650000.

TENURE & COVENANT:

GARAGE - the property is offered freehold subject to and with the benefit of, the existing Lease to Kwik-fit Properties Ltd. The property is let on Full Repairing & Insuring terms for 10 years from 19.01.2010. The rent review of 19.01.5015 has not been implemented and remains outstanding. A copy of the lease is available on request.

30 APPLETONGATE - the property is offered freehold subject to, and with the benefit of 2 Assured Shorthold Tenancies currently producing £820 per month - copies of the tenancy agreements are available on request.

Please note the two parts are on separate registered titles.




More information from this agent

Nearest stations

  • Newark North Gate (0.3 mi)
  • Newark Castle (0.5 mi)
  • Rolleston (4.2 mi)
Distances are straight line measurements from centre of postcode

Map & Street View

Nearest stations

  • Newark North Gate (0.3 mi)
  • Newark Castle (0.5 mi)
  • Rolleston (4.2 mi)
Distances are straight line measurements from centre of postcode

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