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340,000 Freehold

Lombard Street, Newark

Features

Floorplan

Description

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* Commercial Property Investment * Gross Return 25,400 per annum exclusive * Excellent Long Standing Tenants * Leased to Insurance Company * Lease to Mortgage Broker * Prime Arterial Road Frontage * Gross Investment Yield 8% Approximately A prime commercial office investment comprising Clinton House, 12 Lombard Street let on lease to Insurance brokers and 12a Lombard Street let on lease to a mortgage broker to produce a total gross income of 25,400 per annum. The property is grade II listed and has a substantial double fronted elevation to Lombard Street together with the adjoining property known as 12a Lombard Street constructed in the early 1980's with accommodation on two floors. There is a rear courtyard and four designated car parking areas to the rear of the building. Clinton House is held on lease for a term of 5 years from 2016. The tenants of 12a Lombard Street are 'holding over' under the terms of the original lease. The tenants are well-established and long standing in the premises. This is a prime, busy arterial road frontage with professional offices and multi-storey car parking in the immediate vicinity. The property is offered as an investment subject to the existing leases at a price to reflect a gross yield of 8% approximately.

CLINTON HOUSE The property is constructed with brick elevations and is re- roofed with pantiles. The property is dated late 18th century and nicely modernised with spacious light and airy rooms. Central heating is gas fired and the following accommodation is provided:

GROUND FLOOR

ENTRANCE VESTIBULE With double entrance doors, reception hall 12ft x 7'1 open plan with the main front office. Radiator. 

MAIN OFFICE 38'6 x 14'2 (11.73m x 4.32m) Less the box window area (12' x 1'6" approximately). Fluorescent lighting, air conditioning unit and three radiators. 

OFFICE TWO 16'4 x 10'11 (4.98m x 3.33m) With two box sash windows in the rear elevation. Radiator.

STORE ROOM 6'10 x 5'6 (2.08m x 1.68m)

BASEMENT With three barrel vaulted cellars.

FIRST FLOOR Dog-legged staircase and first floor landing. 

OFFICE THREE 15'8 x 14'2 (4.78m x 4.32m) With air conditioning unit, radiator. 

OFFICE FOUR 15'4 x 14'6 (4.67m x 4.42m) With air conditioning unit and radiator. 

SERVER ROOM 10' x 8'6 (3.05m x 2.59m) With radiator.

CLOAKROOM With low suite wc and basin.

SECOND FLOOR Staircase and landing.

OFFICE FIVE 14'8 x 11'4 (4.47m x 3.45m) With radiator and door to the fire escape.

OFFICE SIX / STAFF ROOM 15'8 x 14'3 (4.78m x 4.34m) With radiator.

OFFICE SEVEN 15'6 x 14' (4.72m x 4.27m) With radiator.

KITCHEN 9'9 x 6'7 (2.97m x 2.01m) With sink unit, hot water heater.

CLOAKROOM With basin and separate wc.

WC With separate wc, basin and electric water heater.

GROSS INTERNAL OFFICE SPACE 2,100 sq.ft approximately.

TENURE The main building is freehold. Leasehold areas including the car park are for a term of 125 years from 19th April 1993 at a peppercorn and insurance rent.

LEASE TERMS - CLINTON HOUSE The property is let to Noble Marine (Insurance Brokers) Ltd for a term of five years from the 6 April 2011 at a rent of £20,000 per annum subject to a review date and break clause on the third anniversary of the lease.

LEASE SUMMARY - CLINTON HOUSE Lease commencement date: 6th April 2016. Term: 5 years. Rent: £20,000 per annum payable quarterly in advance. 

Insurance Rent: Landlord insures, tenant pays a fair proportion. Landlord maintains and services the boiler and air conditioning units and reasonable costs rechargeable to the tenant. Break Clause: 3rd anniversary. Rent Review: 3rd anniversary. We understand the building is not elected for VAT. Solicitors to confirm prior to exchange of contracts. Tenant Repair Liability and the lease subject to a Record of Condition prepared in 2011.

VIEWING Strictly by appointment with the selling agents and by courtesy of the existing tenants.

12A LOMBARD STREET

GROUND FLOOR

RECEPTION OFFICE 13' x 11'10 (3.96m x 3.61m) With front window and front entrance door.

CLOAKROOM With wash basin and separate wc.

FIRST FLOOR OFFICE TWO 12'9 x 11'10 (3.89m x 3.61m) With side window. Radiator.

OFFICE THREE 15' x 11'4 (4.57m x 3.45m) With radiator (no outdoor window)

OFFICE FOUR 15'3 x 10'5 (4.65m x 3.18m) With two single glazed windows in the rear elevation. Radiator, lobby and connecting door to the stairs. There is a staircase to the second floor fire exit.

TENURE The property is leasehold for a term of 125 years from the 19th April 1993 and a peppercorn and insurance rent.

VIEWING Strictly by appointment with the selling agents and by courtesy of the tenants.

LEASE TERMS - 12A LOMBARD STREET The property is let to Merlin Mortgages Ltd 'holding over' under the terms of the an original agreement which is unavailable. The occupancy commenced approximately 17 years ago. We understand the tenants are prepared to enter into a new lease subject to terms.

LEASE SUMMARY - 12A LOMBARD STREET No written lease available. Tenants 'holding over' Current Rent: £5,400 per annum Landlord insures; Tenant pays a fair proportion Landlord maintains and services the central heating boiler which serves both properties and reasonable costs rechargeable to the Tenant. We understand the building is not elected for VAT. Solicitors to confirm prior to exchange of contracts.

OUTSIDE Rear courtyard and four car parking spaces.


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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