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£850,000House for sale
Northgate, Newark
House
Key information
Tenure: Freehold
Council tax: Ask agent
Features and description
- Freehold Grounds Rent - 54 Apartments
- 3 Let Retail Units
- Retail Investment Producing £54,000 pa
- Service Charge Income Approx £88,000 pa
- Grade II Listed Building
- Service/Community & Car Parking Areas
- Entire Freehold For Sale
- Stunning Restoration Completed Circa 2010
A freehold investment including 54 apartments and 3 let retail units. This 19th Century Grade II Listed Brewery renovation and conversion is a prominent local landmark, and a highly successful development. The retails units on comparatively long leases, produce a gross income of £50,000 per annum. Service charge income for year end June 2024 in the audited management accounts totals £88,473. The leasehold interests on a term of 125 years generally from around 2010. Ground rents currently total £TBC per annum.
A freehold investment including 54 apartments and 3 let retail units. This 19th Century Grade II Listed Brewery renovation and conversion is a prominent local landmark, and a highly successful development. The retails units on comparatively long leases, produce a gross income of £54,000 per annum. Service charge income for year end June 2024 in the audited management accounts totals £88,473. The leasehold interest on a term of 125 years generally from around 2010. Ground rent, currently total £TBC p.a.
The building stands with a prominent frontage to Northgate adjacent to the Retail Park. This building is within two or three minutes walking distance of Newark Northgate Railway Station with regular services to London King's Cross and journey times in just over 75 minutes.
Newark on Trent has a population of approximately 35,000, and a 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 ground rent/service charge and retail investment income.
Brief Particulars - 54 leasehold apartments.
The unexpired leasehold interests are generally circa 110 years.
Retail Units -
Unit 1 - Tenants: Giles & Bella
Annual Rent: £24,000 pa
Term: 8 years, completion of the new lease imminent
Rent: Concession for 6 months
Break: Year 5
Rent Review: Year 5
Repairs: Tenant internal decoration and glass
Service Charge: To include Building Insurance, cleaning common parts, maintenance of common parts, and reserve fund
Unit 2 - Tenant: The Coffee Chain Limited
Lease Date: 12th June 2019
Term: 6 years from 11th June 2019 to 11th June 2025
New lease terms negotiated
Rent: £18,000 per annum
Service Charge: To include Building Insurance, cleaning common parts, maintenance of common parts, and reserve fund
Unit 3 - Tenant: Anna Leach SACS
Term: 10 years from September 2020 to September 2028
Rent: £12,000 per annum
Break Clause: 1st September 2025 not exercised, 1st September 2028 subject to 6 months notice
Rent Review Date: 1st September 2025
Service Charge: To include Building Insurance, cleaning common parts, maintenance of common parts, and reserve
Tenure - The property is freehold subject to existing business tenancies and long leasehold interests.
Management Accounts - Management accounts are available from year ending 30th June 2024.
Vat - We understand the building is elected for VAT. VAT therefore will be charged on the purchase price.
Contacts - Richard Watkinson
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Kirsty Keeton
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A freehold investment including 54 apartments and 3 let retail units. This 19th Century Grade II Listed Brewery renovation and conversion is a prominent local landmark, and a highly successful development. The retails units on comparatively long leases, produce a gross income of £54,000 per annum. Service charge income for year end June 2024 in the audited management accounts totals £88,473. The leasehold interest on a term of 125 years generally from around 2010. Ground rent, currently total £TBC p.a.
The building stands with a prominent frontage to Northgate adjacent to the Retail Park. This building is within two or three minutes walking distance of Newark Northgate Railway Station with regular services to London King's Cross and journey times in just over 75 minutes.
Newark on Trent has a population of approximately 35,000, and a 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 ground rent/service charge and retail investment income.
Brief Particulars - 54 leasehold apartments.
The unexpired leasehold interests are generally circa 110 years.
Retail Units -
Unit 1 - Tenants: Giles & Bella
Annual Rent: £24,000 pa
Term: 8 years, completion of the new lease imminent
Rent: Concession for 6 months
Break: Year 5
Rent Review: Year 5
Repairs: Tenant internal decoration and glass
Service Charge: To include Building Insurance, cleaning common parts, maintenance of common parts, and reserve fund
Unit 2 - Tenant: The Coffee Chain Limited
Lease Date: 12th June 2019
Term: 6 years from 11th June 2019 to 11th June 2025
New lease terms negotiated
Rent: £18,000 per annum
Service Charge: To include Building Insurance, cleaning common parts, maintenance of common parts, and reserve fund
Unit 3 - Tenant: Anna Leach SACS
Term: 10 years from September 2020 to September 2028
Rent: £12,000 per annum
Break Clause: 1st September 2025 not exercised, 1st September 2028 subject to 6 months notice
Rent Review Date: 1st September 2025
Service Charge: To include Building Insurance, cleaning common parts, maintenance of common parts, and reserve
Tenure - The property is freehold subject to existing business tenancies and long leasehold interests.
Management Accounts - Management accounts are available from year ending 30th June 2024.
Vat - We understand the building is elected for VAT. VAT therefore will be charged on the purchase price.
Contacts - Richard Watkinson
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Tel [use Contact Agent Button]
Kirsty Keeton
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Tel [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