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Full Details

240,000 Freehold

Middle Gate, Newark

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

Floorplan

Description

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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. Newark is 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 town has good communication links both by road being situated on the A1, A46 and A17 and with direct rail services to London Kings Cross. The property is centrally located in Middle Gate with good footfall between Morrisons supermarket, Marks and Spencer, Boots and Newark market place, usually hosting for 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.

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 22.2m x 3.3m (72'10" x 10'9")
Open plan sales area with access to the cellar and upper floors.

FIRST FLOOR STOCK ROOM 4.1m x 3.79m (13'5" x 12'5")
Located to the front of the property, window and storage area.

FIRST FLOOR STOCK ROOM 2  4.1m 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 4.14m x 3.81m  (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  3.69m x 3.81m  (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 ten year full repairing and insuring lease from April 2014, with eight years unexpired. There is an option to determine at the end of the fifth year and also a rent review which is April 2019.

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.

VIEWING
Strictly by appointment with the selling agents.

LEGAL FEES
Each party will be responsible for their own legal costs incurred in this transaction.

SERVICES
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. For further information contact Kirsty Keeton: 01636 550810 kirsty@richardwatkinson.co.uk
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. For further information contact Kirsty Keeton: 01636 550810 kirsty@richardwatkinson.co.uk

Viewing
Please contact our Newark Office on 01636 611811 if you wish to arrange a viewing appointment for this property or require further information.

Disclaimer
Richard Watkinson endeavour to maintain accurate depictions of properties in Virtual Tours, Floor Plans and descriptions, however, these are intended only as a guide and purchasers must satisfy themselves by personal inspection.

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