Key Information
- Total income of £101,300 (GIY of 10.18%)
- Ground floor split into 3 retails units producing a total of £42,500 per annum
- First and second floors consist of an 8 bed HMO producing £58,800 per annum
- Recently refurbished accommodation in excellent central location
- £995,000 Producing a gross initial yield of 10.18%
He property consists of a substantial period building of Georgian architecture fronting onto Middle Gate. The building comprises of brick block elevations beneath a pitched slate covered roof. The property has undergone some extensive reconfiguration and refurbishment to provide three self-contained, ground floor, retail units together with an 8-bedroom HMO over the first and second floors. Access to the residential element is via a designated central doorway on Middle Gate. The HMO flat has the benefit of a communal fully fitted kitchen on the first floor. The individual rooms benefit from electric heating. Each room is separately metered. Some rooms have the benefit of ensuite facilities and kitchen facilities.
Location
The premises are situated on the northern side of Middle Gate close to its junction with Stodman Street within Newark's town centre. Many multiple retailers are represented close by including Boots The Chemist, Halifax Building Society, Roman Originals, White Stuff, Savers, Co-Op Travel, Costa Coffee and Greggs. The property enjoys good access to public transport with the Kirk Gate bus stop being within a 3 minute walk of the property, Newark Northgate train station is also within a 15 minute walk providing regular services to Lincoln, York, Edinburgh and London Kings Cross. The property also benefits from good road communications, with Castle Gate one of Newark's principle roads running in parallel with Middle Gate. Castle Gate in turn leads to the A46, which provides direct access to Leicester and Lincoln.
VAT
VAT is applicable however it is anticipated the transaction can be treated as TOGC (Transfer of Going Concern) however all parties are advised to seek independent advise from an accountant.
Rates
The current tenant's pays all charges including business rates and council tax. All rates applicable to the property can be provided by the agent upon request.
EPC
Available from the agents upon request.
Legal Costs
Each party is to bear their own legal costs incurred.
Accommodation
Floor areas have been provided by the vendor, all parties are advised to rely on their own measurements.
Planning
We understand the property benefits from planning consent for the following uses: Ground floor: Use Class E. First/Second floor: Sui Generis. (This information is given for guidance purposes only and all parties are advised to make their own enquiries of the local authority)
Viewing
Viewings are by appointment with sole agents Innes England.