A freehold investment comprising two retail shops let on lease together with the reversionary interest into residential flats, forming as a whole the freehold interest in 37 and 39 Kirkgate.

The shops are let to produce a gross annual income of £19,200 per annum, each on a three year lease. The flats each yield a ground rent of £100 per annum which doubles every 25 years, and there are services charges to each flat.

The property a listed building is situated in a busy trading area within the town centre area of Newark. The asking price reflects a gross yield of just under 9%.

Newark has a population of approximately 35,000 and an important catchment area of a further 115,000 approximately. There is a broad range 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 an historic background with a Georgian Market Square, the twelfth 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, Leeds and Edinburgh. Castle Station provides railway services to Lincoln and Nottingham.

The property has been subject to a refurbishment scheme following which both shops, let very quickly and the flats sold leasehold.

Unit One - A retail shop providing 445 sq.ft approximately internally with storage and separate toilet facilities.

Lease Terms - Tenant - David Moore.
Use - Artist Studio with Class A1 Retail.
Rent - £10,000 per annum.
Term - Initial 3 year term from 18th May 2019. Renewed in 2022 for 1 year expiring March 2023.
Insurance Rent - Tenant pays a fair proportion.
Repairs - Tenant shall keep the property in good repair.
Exclusion from the Landlord and Tenant Act 1954 Sections 24-28.

Unit Two -

Lease Terms - Tenant - David Marrison
Use - Bed Centre
Rent - £9,000 per annum
Term - Three Years from 20th may 2019.
Permitted Use - A1 Retail
Insurance Rent - Tenant pays fair proportion.
Repairs - Tenant to keep in good repair.
Exclusion from the Landlord and Tenant Act 1954 Sections 24-28.

The Flats - Comprise a ground floor one bed-roomed flat and first floor two bed-roomed flat, converted within the existing building and completed 2019.

Leasehold Term - 125 years
Ground Rent - £100 - Doubles every 25 years
Service Charges applicable

Price - Offers are invited for the freehold interest in the sum of £220,000 subject to contract.

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