Key Information
- £270,000 reflecting an NIY of 9.02% (No VAT)
- Currently let at £25,000 pax until November 2033
- Ground and part first floor let to Let It Limited (20 years in situ)
- Nearby occupiers include an Asda superstore, Travelodge and Newark Bus Station
- Offers in excess of £270,000
The property comprises a 3 storey terraced building along the primary thoroughfare through Newark. The ground and first floor fronting Lombard Street is currently occupied by an estate agent and benefits from a fully glazed frontage, wooden flooring, LED spot lighting as well as a fully carpeted first floor. The remainder of the property comprises 6 flats which have been sold long leasehold and currently pay an annual ground rent of a peppercorn.
Location
Newark is a large historic market town circa 20 miles to the northeast of Nottingham City Centre and lies on the Nottinghamshire/Lincolnshire border. Newark boasts superb road connections to both the A1 and A46, providing quick access to the surrounding towns and national road networks with a catchment of 72,000 within a 15 minute drive. The town also benefits from mainline rail connections to London Kings Cross (travel time c. 1hr 20 minutes). The Middlebeck urban extension is currently progressing to the south of Newark and will deliver approximately 3,150 new homes. The property is well positioned along Lombard Street and is in close proximity to a large Asda superstore, 66 bed Travelodge, Newark Bus Station and is a short walking distance from the historic market place.
VAT
All figures quoted are exclusive of VAT. The property is not registered for VAT
Service Charge
There is a service charge levied on the tenants. Further information is available from the agents
Rates
Property Description: Offices & Premises Rateable Value: £11,000 Some retailers may be eligible for 100% discount on the business rates. Interested parties should make their own enquiries of the VOA website or the local planning authority. (Source VOA)
EPC
The premises have an EPC assessment of D-94.
Legal Costs
Each party is to bear their own legal costs incurred
Accommodation
Measurements are quoted on a Net Internal basis in accordance with the RICS Property Measurement Second Edition
Planning
We understand the property benefits from planning consent for the following uses: Class E (Commercial, Business and Services use) Making the premises suitable for uses such as a shop, cafe, restaurant, office, clinics, health centre and day nurseries Class C3 (Dwellinghouses) (This information is given for guidance purposes only and prospective parties are advised to make their own enquiries of the local authority)
Viewing
Viewings are by appointment with sole agents Innes England