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Floorplan
MapProperty for sale
North Gate, Newark
Property
Features and description
- A Freehold Investment Property
- Let on Lease 7 Years from January 2025
- Rent £96,000 per annum Rising to £111,000 per annum
- Full Repairing Insuring Lease
- Long Established Business and Tenants
- Building Restoration Completed 2024
- 35 Car Parking Spaces Allocated
- Retail Park Location
A freehold premises completely restored and substantially rebuilt 2024, now let on lease for a term of 7 years producing a rent of £96,000 per annum exclusive rising to £103,000 December 2030 and £111,000 January 3031 until the end of the term. The property provides:
Ground Floor 994 sq.m and First Floor 509 sq.m - Total 1003 sq.m (10,790 sq.ft) approximately.
There are 35 car parking spaces allocated.
A freehold premises completely restored and substantially rebuilt 2024, now let on lease for a term of 7 years producing a rent of £96,000 per annum exclusive rising to £103,000 December 2030 and £111,000 January 3031 until the end of the term. The property provides:
Ground Floor 494 sq.m and First Floor 509 sq.m - Total 1003 sq.m (10,790 sq.ft) approximately.
There are 35 car parking spaces allocated.
The building stands within the North Gate Retail Park with occupiers including Boots, Next, Currys/PC World, TK Max, Home Bargains and a branch of Mole Country Stores. This prominent site with car parking is within 2-3 minutes walking distance of Newark Northgate railway station and regular services to London King's Cross, journey times just over 1 hour 30 minutes.
Newark on Trent has a population of approximately 35,000 and an important catchment area of a further 150,000 approximately. Newark has a growth point designation and the current economy is buoyant. There is a massive expansion of housing. Trading in the town, as a result, is thriving and as a shopping centre Newark is an increasingly popular place to visit.
The investment provides a substantial rental income with the prospect of growth in the short and medium term.
Accommodation -
Ground Floor - 494 sq.m approximately
First Floor - 509 sq.m approximately
Total - 1003 sq.m (10790 sq.ft) approximately.
Externally there is a tarmacadam surfaced area with 35 car parking spaces allocated.
Plan - A plan is attached to these particulars outlining the property in red for identification purposes.
Tenure - The property is freehold, subject to the existing Business Tenancy, the terms of which we would summarise as follows:
Tenant: Arena Health & Fitness UK Ltd, Martin Clurow and Graham Curzon
Term: 7 years from 1st January 2025
Rent:
£96,000 per annum exclusive until 31 December 2027
£103,381.50 1st January 2028 until 31 December 2030
£111,330.57 from January 2031
Tenant responsible for insurance rent. Effectively a full repairing and insuring lease.
Town & Country Planning - The existing use of the property is Class E including shop, financial services, professional services, indoor sport and recreation.
Vat - We understand the building is elected for VAT. VAT therefore will be charged on the purchase price and the rent.
Price - £1,200,000 plus VAT
Contacts - Richard Watkinson ([use Contact Agent Button]) or Kirsty Keeton ([use Contact Agent Button]), [use Contact Agent Button]
Ground Floor 994 sq.m and First Floor 509 sq.m - Total 1003 sq.m (10,790 sq.ft) approximately.
There are 35 car parking spaces allocated.
A freehold premises completely restored and substantially rebuilt 2024, now let on lease for a term of 7 years producing a rent of £96,000 per annum exclusive rising to £103,000 December 2030 and £111,000 January 3031 until the end of the term. The property provides:
Ground Floor 494 sq.m and First Floor 509 sq.m - Total 1003 sq.m (10,790 sq.ft) approximately.
There are 35 car parking spaces allocated.
The building stands within the North Gate Retail Park with occupiers including Boots, Next, Currys/PC World, TK Max, Home Bargains and a branch of Mole Country Stores. This prominent site with car parking is within 2-3 minutes walking distance of Newark Northgate railway station and regular services to London King's Cross, journey times just over 1 hour 30 minutes.
Newark on Trent has a population of approximately 35,000 and an important catchment area of a further 150,000 approximately. Newark has a growth point designation and the current economy is buoyant. There is a massive expansion of housing. Trading in the town, as a result, is thriving and as a shopping centre Newark is an increasingly popular place to visit.
The investment provides a substantial rental income with the prospect of growth in the short and medium term.
Accommodation -
Ground Floor - 494 sq.m approximately
First Floor - 509 sq.m approximately
Total - 1003 sq.m (10790 sq.ft) approximately.
Externally there is a tarmacadam surfaced area with 35 car parking spaces allocated.
Plan - A plan is attached to these particulars outlining the property in red for identification purposes.
Tenure - The property is freehold, subject to the existing Business Tenancy, the terms of which we would summarise as follows:
Tenant: Arena Health & Fitness UK Ltd, Martin Clurow and Graham Curzon
Term: 7 years from 1st January 2025
Rent:
£96,000 per annum exclusive until 31 December 2027
£103,381.50 1st January 2028 until 31 December 2030
£111,330.57 from January 2031
Tenant responsible for insurance rent. Effectively a full repairing and insuring lease.
Town & Country Planning - The existing use of the property is Class E including shop, financial services, professional services, indoor sport and recreation.
Vat - We understand the building is elected for VAT. VAT therefore will be charged on the purchase price and the rent.
Price - £1,200,000 plus VAT
Contacts - Richard Watkinson ([use Contact Agent Button]) or Kirsty Keeton ([use Contact Agent Button]), [use Contact Agent Button]
Property information from this agent
About this agent
Richard Watkinson & Partners is one of the East Midlands most established estate agencies having had a presence in the area for more than 30 years. Our experienced and trusted agency has offices across the region specialising in residential and commercial sales as well as lettings. With friendly, approachable and knowledgeable staff, Richard Watkinson & Partners is known for its expertise in all areas of property. "I set up Richard Watkinson & Partners is 1988 with just three staff in a small office in North Gate, Newark. "A lot has changed since then - we now have more than 30 members of staff, six offices across the East Midlands as well as dedicated lettings, new homes and commercial agents - but the core values I set out when I started the business have remained. "High levels of customer service, a friendly, personable approach to estate agency and excellent local knowledge are all paramount in delivering a professional and effective service. These are the values upon which I built Richard Watkinson & Partners and I'm proud that these are always at the forefront of our agents' minds when dealing with customers. "Estate agency itself hasn't changed, it's still a business which orientates around people and that is something we instil in all of our staff. People still like to walk into their local estate agency, browse properties and talk to an agent who knows the area and can provide useful advice on how to buy or sell a home. All of our staff live locally and are able to provide the best possible local knowledge, providing customers with a personal service on which they can rely. "I'm proud that we remain a local, family-run business - always putting the customer first - and that our strong roots in the East Midlands continue to enable us to act as one of the region's leading agents across residential and commercial lettings and sales." - Founder, Richard Watkinson