Available
Newark – Barbers & Mobile Phone Shop
42-44 Middle Gate, Newark, Nottinghamshire NG24 1ALVirtual Freehold Retail Investment
Price
£375,000
Rent P.A.
£28,500
Yield
7.60%
Tenure
Leasehold
Lease Term
15 Years
Years Left on Lease
13y 10m
Area
808 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprises two ground floor retail shops
- No. 42 let until 2037. No breaks. Upward only rent review in 2032
- Located in the heart of the town centre, with occupiers nearby including Halifax, Costa Coffee, Boots and more.
Key Features
Tenure
Leasehold
VAT
VAT is not applicable.
Property Description
Comprises two self-contained ground floor shops, providing the following accommodation and dimensions:
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: 75.04 sq m (808 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: 75.04 sq m (808 sq ft)
Tenancy Description
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 p.a. 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.
Tenure:
Long Leasehold. To be held on a 999 Year lease from completion at a ground rent of peppercorn.
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.
Tenure:
Long Leasehold. To be held on a 999 Year lease from completion at a ground rent of peppercorn.
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.
