Available
Newark – Retail Premises with Residential Development Potential
42-46 Middle Gate, Newark, Nottinghamshire NG24 1ALFreehold Vacant Retail Investment with Residential Development Potential
Price
£299,000
Rent P.A.
Vacant
Tenure
Freehold
Area
2,622 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- ERV: £25,000 p.a. GIY: 8.36%
- No. 46 comprises ground floor retail shop with ancillary accommodation at first and second floor
- Residential development potential to convert first and second floor, STTP
- No. 44 & 42 comprises ground floor shops which have been sold-off on long leaseholds
- Located in the heart of the town centre, with occupiers nearby including Halifax, Town Hall Museum & Art Gallery, 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 which have been sold-off on long leaseholds. The property provides 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)
Total area size: 251.92 sq m (2,622 sq ft)
No. 44 Ground Floor: Retail Shop (Sold-Off)
No. 42 Ground Floor: Retail Shop (Sold-Off)
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)
Total area size: 251.92 sq m (2,622 sq ft)
No. 44 Ground Floor: Retail Shop (Sold-Off)
No. 42 Ground Floor: Retail Shop (Sold-Off)
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 shops at No. 44 & 42 have been sold-off on long leaseholds for a term of 999 Years from 2022/2023 at a ground rent of peppercorn.
The shops at No. 44 & 42 have been sold-off on long leaseholds for a term of 999 Years from 2022/2023 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.
