COMMERCIAL
North Gate, Newark
£1,200,000
- PROPERTY TYPE
Commercial Property
- SIZE
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Key features
- A Freehold Investment Property
- Let on Lease 7 Years from January 2025
- Rent £96,000 per annum Rising to £111,000 per annum
- Full Repairing Insuring Lease
- Long Established Business and Tenants
- Building Restoration Completed 2024
- 35 Car Parking Spaces Allocated
- Retail Park Location
Description
A freehold premises completely restored and substantially rebuilt 2024, now let on lease for a term of 7 years producing a rent of £96,000 per annum exclusive rising to £103,000 December 2030 and £111,000 January 3031 until the end of the term. The property provides:
Ground Floor 994 sq.m and First Floor 509 sq.m - Total 1003 sq.m (10,790 sq.ft) approximately.
There are 35 car parking spaces allocated.
A freehold premises completely restored and substantially rebuilt 2024, now let on lease for a term of 7 years producing a rent of £96,000 per annum exclusive rising to £103,000 December 2030 and £111,000 January 3031 until the end of the term. The property provides:
Ground Floor 494 sq.m and First Floor 509 sq.m - Total 1003 sq.m (10,790 sq.ft) approximately.
There are 35 car parking spaces allocated.
The building stands within the North Gate Retail Park with occupiers including Boots, Next, Currys/PC World, TK Max, Home Bargains and a branch of Mole Country Stores. This prominent site with car parking is within 2-3 minutes walking distance of Newark Northgate railway station and regular services to London King's Cross, journey times just over 1 hour 30 minutes.
Newark on Trent has a population of approximately 35,000 and an important catchment area of a further 150,000 approximately. Newark has a growth point designation and the current economy is buoyant. There is a massive expansion of housing. Trading in the town, as a result, is thriving and as a shopping centre Newark is an increasingly popular place to visit.
The investment provides a substantial rental income with the prospect of growth in the short and medium term.
Accommodation -
Ground Floor - 494 sq.m approximately
First Floor - 509 sq.m approximately
Total - 1003 sq.m (10790 sq.ft) approximately.
Externally there is a tarmacadam surfaced area with 35 car parking spaces allocated.
Plan - A plan is attached to these particulars outlining the property in red for identification purposes.
Tenure - The property is freehold, subject to the existing Business Tenancy, the terms of which we would summarise as follows:
Tenant: Arena Health & Fitness UK Ltd, Martin Clurow and Graham Curzon
Term: 7 years from 1st January 2025
Rent:
£96,000 per annum exclusive until 31 December 2027
£103,381.50 1st January 2028 until 31 December 2030
£111,330.57 from January 2031
Tenant responsible for insurance rent. Effectively a full repairing and insuring lease.
Town & Country Planning - The existing use of the property is Class E including shop, financial services, professional services, indoor sport and recreation.
Vat - We understand the building is elected for VAT. VAT therefore will be charged on the purchase price and the rent.
Price - £1,200,000 plus VAT
Contacts - Richard Watkinson ( ) or Kirsty Keeton ( ), tel:
Ground Floor 994 sq.m and First Floor 509 sq.m - Total 1003 sq.m (10,790 sq.ft) approximately.
There are 35 car parking spaces allocated.
A freehold premises completely restored and substantially rebuilt 2024, now let on lease for a term of 7 years producing a rent of £96,000 per annum exclusive rising to £103,000 December 2030 and £111,000 January 3031 until the end of the term. The property provides:
Ground Floor 494 sq.m and First Floor 509 sq.m - Total 1003 sq.m (10,790 sq.ft) approximately.
There are 35 car parking spaces allocated.
The building stands within the North Gate Retail Park with occupiers including Boots, Next, Currys/PC World, TK Max, Home Bargains and a branch of Mole Country Stores. This prominent site with car parking is within 2-3 minutes walking distance of Newark Northgate railway station and regular services to London King's Cross, journey times just over 1 hour 30 minutes.
Newark on Trent has a population of approximately 35,000 and an important catchment area of a further 150,000 approximately. Newark has a growth point designation and the current economy is buoyant. There is a massive expansion of housing. Trading in the town, as a result, is thriving and as a shopping centre Newark is an increasingly popular place to visit.
The investment provides a substantial rental income with the prospect of growth in the short and medium term.
Accommodation -
Ground Floor - 494 sq.m approximately
First Floor - 509 sq.m approximately
Total - 1003 sq.m (10790 sq.ft) approximately.
Externally there is a tarmacadam surfaced area with 35 car parking spaces allocated.
Plan - A plan is attached to these particulars outlining the property in red for identification purposes.
Tenure - The property is freehold, subject to the existing Business Tenancy, the terms of which we would summarise as follows:
Tenant: Arena Health & Fitness UK Ltd, Martin Clurow and Graham Curzon
Term: 7 years from 1st January 2025
Rent:
£96,000 per annum exclusive until 31 December 2027
£103,381.50 1st January 2028 until 31 December 2030
£111,330.57 from January 2031
Tenant responsible for insurance rent. Effectively a full repairing and insuring lease.
Town & Country Planning - The existing use of the property is Class E including shop, financial services, professional services, indoor sport and recreation.
Vat - We understand the building is elected for VAT. VAT therefore will be charged on the purchase price and the rent.
Price - £1,200,000 plus VAT
Contacts - Richard Watkinson ( ) or Kirsty Keeton ( ), tel:
Brochures
North Gate, NewarkNorth Gate, Newark
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Newark Castle Station0.3 miles
- Newark North Gate Station0.3 miles
- Rolleston Station4.1 miles
Notes
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Disclaimer - Property reference 33833930. 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. 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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