Commercial property for sale in 29 Stodman Street, Newark, Nottinghamshire, Nottinghamshire NG24, £270,000
270,000.00
Offer Nr.:
65553487
Type of ad:
for Sale
Property type:
Commercial property
Contact name:
Brackenridge Hanson Tate Limited
Phone(s):
0113 427 5856
Email:
* Freehold
**Key Points**
* Historic Nottinghamshire market town
* Excellent transport links
* Prominent location close to Market Square
* Let until November 2031 toGadgets4UK Enterprises Limited
* Ideal sipp purchase
* Rent - £25, 000 pax
* Offers in the region of £270, 000
* Net Initial Yield - 9%
**Description**
The propertycomprises a Grade II Listed mid - terrace, three - storey retail unit
of brick construction under a pitched pantile roof. The shop still retains its
attractivetraditional frontage and part of its historical décor with "rj
Hambling" branding below the shop window from its past use as a gents
outfitters.
Internally the propertyoffers ground floor sales accommodation and rear
ancillary storage with first and second floor staff and storage facilities.
Externally, there is a small hard surfacedcourtyard at the rear, accessible
via Saint Marks Place, a service road at the rear of the parade.
**Location**
Newark - on - Trent, with a population of approximately30, 000 persons, is a
thriving Nottinghamshire market town located circa 18 miles (30km) south west
of Lincoln, 20 miles (32km) south east of Mansfield and 22 miles(35km) north
east of Nottingham.
The town benefits from excellent communications lying immediately adjacent to
the A1 at the intersection with the A17 & A46. Newark is acommuter town with
many residents travelling to Lincoln and Nottingham and benefits from two
railway stations. Newark North Gate railway station is on the East CoastMain
Line and provides a direct connection to London Kings Cross with a journey
time of approximately an hour and a quarter as well as Leeds, Hull, Newcastle
andEdinburgh. Newark Castle railway station is on the Leicester - Nottingham -
Lincoln line and provides cross - country regional links.
The town is famed for its role inthe English Civil War with Newark Castle
being a popular tourist attraction and being situated on the River Trent, was
historically a major inland port.
The subjectproperty is situated in a prominent position on the pedestrianised
Stodman Street, just off Market Square the towns retailing focal point with
weekly markets held onMondays, Wednesdays, Thursdays, Fridays and Saturdays.
The property sits between Lloyds Bank and Costa Coffee and immediately
adjacent to Holland & Barrett. The town ispopular with national retailers
with nearby occupiers including Boots, cex, EE, O2, Natwest, Bodycare, Greggs
and Skipton Building Society.
**Tenancy**
The property islet on a 10 year Fri lease from 12th November 2021 to
Gadgets4UK Enterprises Limited t/a Fonetech at a current rent of £25, 000 per
annum exclusive. There is an upwardonly rent review and tenant break option
on 12th November 2026. The lease expires 11th November 2031.
The lease is contracted outside the Landlord & Tenant Act 1954 anda
coronavirus provision is included providing the tenant with a 50% rent
reduction during restricted periods, subject to a maximum of 3 months
concession in any 12 monthperiod.
**VAT**
The property is registered for VAT. We anticipate any acquisition will be
treated as a togc.
**Key Points**
* Historic Nottinghamshire market town
* Excellent transport links
* Prominent location close to Market Square
* Let until November 2031 to
* Ideal sipp purchase
* Rent - £25, 000 pax
* Offers in the region of £270, 000
* Net Initial Yield - 9%
**Description**
The property
of brick construction under a pitched pantile roof. The shop still retains its
attractive
Hambling" branding below the shop window from its past use as a gents
outfitters.
Internally the property
ancillary storage with first and second floor staff and storage facilities.
Externally, there is a small hard surfaced
via Saint Marks Place, a service road at the rear of the parade.
**Location**
Newark - on - Trent, with a population of approximately
thriving Nottinghamshire market town located circa 18 miles (30km) south west
of Lincoln, 20 miles (32km) south east of Mansfield and 22 miles
east of Nottingham.
The town benefits from excellent communications lying immediately adjacent to
the A1 at the intersection with the A17 & A46. Newark is a
many residents travelling to Lincoln and Nottingham and benefits from two
railway stations. Newark North Gate railway station is on the East Coast
Line and provides a direct connection to London Kings Cross with a journey
time of approximately an hour and a quarter as well as Leeds, Hull, Newcastle
and
Lincoln line and provides cross - country regional links.
The town is famed for its role in
being a popular tourist attraction and being situated on the River Trent, was
historically a major inland port.
The subject
Stodman Street, just off Market Square the towns retailing focal point with
weekly markets held on
The property sits between Lloyds Bank and Costa Coffee and immediately
adjacent to Holland & Barrett. The town is
with nearby occupiers including Boots, cex, EE, O2, Natwest, Bodycare, Greggs
and Skipton Building Society.
**Tenancy**
The property is
Gadgets4UK Enterprises Limited t/a Fonetech at a current rent of £25, 000 per
annum exclusive. There is an upward
on 12th November 2026. The lease expires 11th November 2031.
The lease is contracted outside the Landlord & Tenant Act 1954 and
coronavirus provision is included providing the tenant with a 50% rent
reduction during restricted periods, subject to a maximum of 3 months
concession in any 12 month
**VAT**
The property is registered for VAT. We anticipate any acquisition will be
treated as a togc.
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