*BUSINESS UNAFFECTED *Freehold Multi Let Investment For Sale *Town Centre Location *Long Established Commercial Tenant *Ground Floor Shop Two, Two Bedroom Flats Above *Gross Income 20,080 *Perfect Investment Purchase Read more
*BUSINESS UNAFFECTED *Freehold Multi Let Investment For Sale *Town Centre Location *Long Established Commercial Tenant *Ground Floor Shop Two, Two Bedroom Flats Above *Gross Income £20,080 *Perfect Investment Purchase
BUSINESS UNAFFECTED Freehold Multi Let Investment For Sale Town Centre Location Long Established Commercial Tenant Ground Floor Shop Two, Two Bedroom Flats Above Gross Income £20,080 Perfect Investment Purchase New Lease Agreed Expiring 2025
Local Area - The property is situated on Carter Gate, in the centre of the market town of Newark, a thriving town with a good range of facilities and amenities, including national and local retailers, supermarkets, banks, a fine Georgian market place, restaurants, bars and cafs. The property is within easy walking distance of all of these in addition to public car parks, but equally would be considered a secondary retail location. The immediate area surrounding the subject property is secondary retail, with nearby occupiers including Argos, Sports Direct, Carter Gate Bed Centre and Ladbrokes.
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.
The Property - 29 Carter Gate comprises a three storey brick and pantiled Georgian Grade II Listed building, which is detached in its construction but has neighbours abutting each side. The building fronts directly on to Carter Gate in a good secondary trading position. The ground floor comprises a shop premises currently let to East Midlands Property Management, comprising a sales shop area with two offices to the rear with a kitchenette and WC. There is separate access from Carter Gate leading to an inner lobby with stairs rising to the first floor which comprises a self-contained flat offering a breakfast kitchen, lounge, two bedrooms and a bathroom. On the second floor is a further flat comprising lounge, kitchen, two bedrooms and a bathroom. To the rear of the property is an enclosed garden with a large store shed which is enclosed by a brick wall. The ground floor offices are serviced by electric heating and have a basic specification with carpet floors, emulsioned but woodchip walls. The flats are in good order with gas fired central heating, refurbished bathrooms and adequate kitchens.
Ground Floor Shop - The ground floor shop is currently let to East Midlands Property Management Ltd, which have been trading from this position for the last 20 years. There is a sales shop to the front, leading to two offices, a kitchenette and wc to the rear of the property. A particular feature of these offices is the access to the rear, which leads to a beautiful walled garden, which is mainly laid to lawn. Located in the garden is a useful storage shed. The overall floor area comprises the front sales area and rear offices comprises 849 sq.ft The property has electric heating installed.
First Floor Flat - The flats have separate access leading directly from Catergate into an entrance lobby, which has cycle and bin storage. The first floor flat provides spacious accommomdation comprising approximately 710 sq.ft in total. The accommdation includes a number of period features and provides a dining kitchen, lounge, 2 bedrooms and large refitted bathroom. The property benefits from gas fired central heating.
Second Floor Flat - The second floor flat comprises approximately 538 sq.ft of town centre living. The accommodation comprises a kitchen, living room, two bedrooms and a refitted bathroom. The property benefits from gas fired central heating.
Accommodation And Floor Areas - We have measured the building to its net internal area, and therefore any non-usable space such as hallways and WCs have not been included within the overall square footage, in accordance with the RICS Code of Measuring Practice Sixth Edition. The floor areas in more detail comprise as follows:
Outside - The property has a very pretty walled garden located to the rear, which has access through the ground floor only. There is also a useful storage shed located in the garden equating to approximately 226 sq.ft
Tenure - The property is Freehold.
East Midlands Property Management Ltd have been in occupation for 20 years. They currently occupy under a 5 year lease from the 1st September 2015 expiring on the 1st September 2020 at a rent of £10,000 per annum. The lessee is responsible for the internal repairing and insuring only and are responsible for the maintenance of the garden and shed.
The lease will be renewed for a further 5 years from 2020, on the same terms as the existing lease.
The first and second floor flats are both occupied under Assured Shorthold Tenancies at a rent of £430 per calendar month for the first floor and £410 per calendar month for the second floor.
The property has a gross annual income of £20,080 per annum.
Planning - The ground floor shop has an established A2 use, (Financial & Professional Services) under the Town & Country Planning (Use Classes) Order.
The property is Grade II listed.
Potential purchasers should contact Newark & Sherwood District Council Direct with regard to any change of use planning enquirers.
Services - The property is connected to mains water, electricty, gas and drainage. The property has electric heating on the ground floor and central heating systems in the flats above.
Business Rates & Council Tax - Rateable Value & Council Tax band as of 1st April 2010 Description Offices: Rateable Vale £5,800 First Floor Flat: Council Tax Band A Second Floor Flat: Council Tax Band A
Vat - It is understood that VAT will not be applicable to this transaction
Legal Costs - Each Party to bear their own legal costs incurred with this transaction
Viewing - Strictly by appointment with the selling agents. For further information please contact Kirsty Keeton.