- A Freehold Investment Property
- Let on Lease 7 Years from January 2025
- Rent ?96,000 per annum Rising to ?111,000 per annum
- Full Repairing Insuring Lease
- Long Established Business and Tenants
- Building Restoration Completed 2024
- 35 Car Parking Spaces Allocated
- Retail Park Location
Commercial Property for sale in Newark
A freehold premises completely restored and substantially rebuilt 2024, now let on lease for a term of 7 years producing a rent of ?96,000 per annum exclusive rising to ?103,000 December 2030 and ?111,000 January 3031 until the end of the term. The property provides:
Ground Floor 994 sq.m and First Floor 509 sq.m - Total 1003 sq.m (10,790 sq.ft) approximately.
There are 35 car parking spaces allocated.
A freehold premises completely restored and substantially rebuilt 2024, now let on lease for a term of 7 years producing a rent of ?96,000 per annum exclusive rising to ?103,000 December 2030 and ?111,000 January 3031 until the end of the term. The property provides:
Ground Floor 494 sq.m and First Floor 509 sq.m - Total 1003 sq.m (10,790 sq.ft) approximately.
There are 35 car parking spaces allocated.
The building stands within the North Gate Retail Park with occupiers including Boots, Next, Currys/PC World, TK Max, Home Bargains and a branch of Mole Country Stores. This prominent site with car parking is within 2-3 minutes walking distance of Newark Northgate railway station and regular services to London King's Cross, journey times just over 1 hour 30 minutes.
Newark on Trent has a population of approximately 35,000 and an important 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 rental income with the prospect of growth in the short and medium term.
Accommodation -
Ground Floor - 494 sq.m approximately
First Floor - 509 sq.m approximately
Total - 1003 sq.m (10790 sq.ft) approximately.
Externally there is a tarmacadam surfaced area with 35 car parking spaces allocated.
Plan - A plan is attached to these particulars outlining the property in red for identification purposes.
Tenure - The property is freehold, subject to the existing Business Tenancy, the terms of which we would summarise as follows:
Tenant: Arena Health & Fitness UK Ltd, Martin Clurow and Graham Curzon
Term: 7 years from 1st January 2025
Rent:
?96,000 per annum exclusive until 31 December 2027
?103,381.50 1st January 2028 until 31 December 2030
?111,330.57 from January 2031
Tenant responsible for insurance rent. Effectively a full repairing and insuring lease.
Town & Country Planning - The existing use of the property is Class E including shop, financial services, professional services, indoor sport and recreation.
Vat - We understand the building is elected for VAT. VAT therefore will be charged on the purchase price and the rent.
Price - ?1,200,000 plus VAT
Contacts - Richard Watkinson (richard@richardwatkinson.co.uk) or Kirsty Keeton (kirsty@richardwatkinson.co.uk), tel: 01636 611811
Property Ref: 33833930
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Richard Watkinson & Partners (Newark)
25 Stodman Street, Newark, Nottinghamshire, NG24 1AT
01636 611811
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