* Commercial & Residential Property Investment
* Shop Premises & 2 Flats
* Fully Let Producing Gross £15,120 per annum
* Shop Let To 2023
* Flats Let On Assured Shorthold Tenancy
* Town Centre Location
* Gross Yield 6.9% Approximately
* Commercial & Residential Property Investment
* Shop Premises & 2 Flats
* Fully Let Producing Gross £15,120 per annum
* Shop Let To 2023
* Flats Let On Assured Shorthold Tenancy
* Town Centre Location
* Gross Yield 6.9% Approximately
A freehold commercial and residential investment comprising a town centre shop let on lease to a hairdresser until March 2023 and two very attractive self-contained mews type flats. The rear with a side passage entrance. The property at present, produces a gross income of £15,120 per annum, the price reflects a gross yield of 6.9% approximately.
The property is situated opposite to Paxtons Court, a main pedestrian thouroughfare between Morrisons supermarket and the prime town centre trading areas.
Newark has a population of approximately 35,000 and an important catchment area of a further 115,000 approximately. There is a broad range of commerce and industry in the town, the business parks are well occupied and there is a very good level of employment and affluence locally. The town has a historic background with the Georgian market square and the 12th Century Castle and riverside areas. The A1 and A46 intersection provides important road links. There are two railway stations, Newark Northgate with regular services to London and Edinburgh. Castle Station services to Newark and Lincoln.
The property offers an excellent investment proposition with good continuity of income.
The following accommodation is provided:
16 Kirkgate - A ground floor hairdressers, salon, let on lease and providing the following accommodation:
Salon - 8.76m x 2.82m (28'9 x 9'3) - With recessed ceiling lighting and front display window.
Lobby Area -
Beauty Room - 3.10m x 2.62m (10'2 x 8'7) - With basin, old hob fireplace, fluorescent light.
Back Lobby - With built-in cupboard and access to the cellar.
Kitchen - 3.20m x 2.34m (10'6 x 7'8) - With night storage heater, stainless steel sink unit, base cupboard and cupboard containing the hot water cylinder.
Separate Wc - With low suite wc and wash hand basin.
Lease Terms - The property is let by way of a written lease from the 27th March 2018 until the 26th March 2023. The rent passing is £6,000 per annum payable quarterly in advance. The landlord insures (except the plate glass) recharged to the tenant as insurance rent. There is no provision for a rent review within the lease term.
Flat - 16A Kirkgate - A spiral staircase leads to the first and second floor flat providing a living room, kitchen, shower room and second floor leading to two bedrooms.
The flat is currently rent on a Shorthold agreement for £395 per calendar month.
Lounge -
Kitchen -
Bathroom -
Second Floor -
Bedroom -
Bedroom -
Outside -
Flat - 16B Kirkgate - A first floor flat approached by a spiral staircase providing living area with bedroom, kitchen and shower room.
The flat is currently let on an Assured Shorthold Tenancy for £365 per calendar month.
Kitchen -
Room 1 -
Room 2 -
Room 3 -
Bathroom -
Tenure - The property is freehold.
Possession - The property is sold subject to existing tenancies.
Viewing - Strictly by appointment with the sole selling agents and by prior arrangement with the tenants.
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