Acquired
Newark – 3 Shops & Upper Floors with Residential Development Potential
42,44,46 Middle Gate, Newark, Nottinghamshire NG24 1ALFreehold Retail Investment with Residential Development Potential
Tenure
Freehold
Lease Term
Multiple
Years Left on Lease
12y 9m
Area
3,430 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- ERV: £53,500 p.a. GIY: 10.19%
- No. 46 comprises vacant ground floor retail shop with ancillary accommodation at first and second floor
- No. 44 & 42 comprises two ground floor shops t/a Mobile Phone Shop and a Barber`s
- Residential development potential to convert first and second floor, STTP
- Located in the heart of the town centre, with occupiers nearby including Halifax, Costa Coffee, Boots and more
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
No. 46 comprises ground floor retail shop with ancillary accommodation at first and second floor. No. 44 & 42 comprises two ground floor shops, providing the following accommodation and dimensions:
No. 46 Ground Floor: Shop 75.62 sq m (814 sq ft)
No. 46-42 First Floor: Ancillary 104.90 sq m (1,129 sq ft)
No. 46-42 Second Floor: Ancillary 71.40 sq m (679 sq ft)
No. 44 Ground Floor: Shop 43.56 sq m (469 sq ft)
No. 42 Ground Floor: Shop 31.48 sq m (339 sq ft)
Total area size: 326.96 sq m (3,430 sq ft)
Residential development potential to convert first and second floor, subject to obtaining the necessary consents.
No. 46 Ground Floor: Shop 75.62 sq m (814 sq ft)
No. 46-42 First Floor: Ancillary 104.90 sq m (1,129 sq ft)
No. 46-42 Second Floor: Ancillary 71.40 sq m (679 sq ft)
No. 44 Ground Floor: Shop 43.56 sq m (469 sq ft)
No. 42 Ground Floor: Shop 31.48 sq m (339 sq ft)
Total area size: 326.96 sq m (3,430 sq ft)
Residential development potential to convert first and second floor, subject to obtaining the necessary consents.
Tenancy Description
The retail shop at No. 46 is at present vacant. ERV: £25,000 p.a.
The ground floor shop at No. 44 is at present let to an Individual for a term of years from 25th March 2019 until 1st March 2026 at a current rent of £15,000 per annum and the lease contains full repairing and insuring covenants. Rent review from 2021 outstanding.
The ground floor shop at No. 42 is at present let to an Individual for a term of 15 years from 7th February 2022 at a current rent of £12,500* p.a. and the lease contains full repairing and insuring covenants. Fixed rental increase to £13,500 p.a. from February 2024. Vendor to top-up rent so the buyer receives the equivalent of £13,500 p.a. from completion. Open market upward only rent review in February 2032. No breaks. Deposit held of £6,625.
The upper floors (internally accessed from No. 46) are at present vacant, providing residential development potential, STTP.
The ground floor shop at No. 44 is at present let to an Individual for a term of years from 25th March 2019 until 1st March 2026 at a current rent of £15,000 per annum and the lease contains full repairing and insuring covenants. Rent review from 2021 outstanding.
The ground floor shop at No. 42 is at present let to an Individual for a term of 15 years from 7th February 2022 at a current rent of £12,500* p.a. and the lease contains full repairing and insuring covenants. Fixed rental increase to £13,500 p.a. from February 2024. Vendor to top-up rent so the buyer receives the equivalent of £13,500 p.a. from completion. Open market upward only rent review in February 2032. No breaks. Deposit held of £6,625.
The upper floors (internally accessed from No. 46) are at present vacant, providing residential development potential, STTP.
Tenancies & Accommodation
Location Description
Newark is a market town located c. 47km to the east of Nottingham City Centre and 64km from to the south east of Sheffield. The town comprises national and regional retailers and is regarded as an affluent town with several historical building. The property is located in the heart of the town centre, facing a pedestrianised precinct with occupiers nearby including Halifax, Town Hall Museum & Art Gallery, Costa Coffee, Boots and more.
