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Property description & features

Commercial Investment & Residential Reversion
Two Let Shop Units
Two Long Leasehold Flats
Fully Let Producing £19,200 Per Annum
Shops Let On Lease To 2023
Flats Freehold Reversion 125 Years
Town Centre Location
Gross Yield 9% Approximately

A freehold investment comprising two retail shops let on lease together with the reversionary interest into residential flats, forming as a whole the freehold interest in 37 and 39 Kirkgate.

The shops are let to produce a gross annual income of £19,200 per annum, each on a three year lease. The flats each yield a ground rent of £100 per annum which doubles every 25 years, and there are services charges to each flat.

The property a listed building is situated in a busy trading area within the town centre area of Newark. The asking price reflects a gross yield of just under 9%.

Newark has a population of approximately 35,000 and an important catchment area of a further 115,000 approximately. There is a broad range commerce and industry in the town, the business parks are well occupied and there is a very good level of employment and affluence locally. The town has an historic background with a Georgian Market Square, the twelfth century castle and riverside areas. The A1 and A46 intersection provides important road links. There are two railway stations Newark Northgate, with regular services to London, Leeds and Edinburgh. Castle Station provides railway services to Lincoln and Nottingham.

The property has been subject to a refurbishment scheme following which both shops, let very quickly and the flats sold leasehold.

Unit One - A retail shop providing 445 sq.ft approximately internally with storage and separate toilet facilities.

Lease Terms - Tenant - David Moore.
Use - Artist Studio with Class A1 Retail.
Rent - £10,000 per annum.
Term - Initial 3 year term from 18th May 2019. Renewed in 2022 for 1 year expiring March 2023.
Insurance Rent - Tenant pays a fair proportion.
Repairs - Tenant shall keep the property in good repair.
Exclusion from the Landlord and Tenant Act 1954 Sections 24-28.

Unit Two -

Lease Terms - Tenant - David Marrison
Use - Bed Centre
Rent - £9,000 per annum
Term - Three Years from 20th may 2019.
Permitted Use - A1 Retail
Insurance Rent - Tenant pays fair proportion.
Repairs - Tenant to keep in good repair.
Exclusion from the Landlord and Tenant Act 1954 Sections 24-28.

The Flats - Comprise a ground floor one bed-roomed flat and first floor two bed-roomed flat, converted within the existing building and completed 2019.

Leasehold Term - 125 years
Ground Rent - £100 - Doubles every 25 years
Service Charges applicable

Price - Offers are invited for the freehold interest in the sum of £220,000 subject to contract.

Property information from this agent

Kirk Gate, Newark

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Richard Watkinson & Partners - Kirk Gate

35 Kirk Gate Newark NG24 1AD

01636 358891

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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

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