MARTINDALE RETAIL SCHEME, LOMBARD STREET, NEWARK, NG24 1XF

Retail investment opportunity

222.81 sq m (2,398 sq ft)

Fully let block of 6 retail units

Current rent passing £40,480 pax

Located on pedestrianised lane linking Beaumond Cross Shopping Scheme to Newark Town Centre, adjacent to Asda Superstore

FOR SALE

LOCATION

Newark is an attractive and thriving market town with a resident population of 37,082 (2011 Census) and district population of approximately 114,817. The town is well served with excellent communication links via the A1, A46 and A17 trunk roads and the East Coast mainline to London. The surrounding centres of Nottingham and Lincoln are both within 30 minutes’ drive. The property is located off Lombard Street within the heart of the town centre, close to the St Mark’s Shopping Centre.

PROPERTY

The scheme sits adjacent to the Beaumond Cross Shopping Centre, a 100,000 sq ft extension to the existing town centre retail offer. Occupiers within the scheme include Asda, Subway, 3Sixty Gym, Golf Addiction and Holden’s Furniture Store.

Martindale Lane, which was fully refurbished in 2012, provides six retail units within a terrace fronting the pedestrian link leading between the town centre and Beaumond Cross, adjacent to the multi storey car park serving the development.

EPC Ratings: Unit 1 - F135 Unit 2 - C68 Unit 3 - C55 Unit 4 - C53 Unit 5 - C57 Unit 6 - C58

ACCOMMODATION

Having measured the property in accordance with the prevailing RICS Code of Measuring Practice we calculate that the property has the following floor area:-

13.98 sq m (150 sq ft) - 69.92 sq m (752 sq ft)

For the breakdown of size per unit please visit our website.

SERVICES

Mains water, drainage and electricity are connected to all units. Unit 1 benefits from gas. We would encourage all interested parties to make their own enquiries with the relevant service provider.

TOWN AND COUNTRY PLANNING

The current uses of the properties fall within Use Class A1 (Retail), except Unit 1 which falls within Class A3 (Restaurants and Café) of the Town and Country Planning (Use Classes Order) 1987 (as amended).

The property is not Listed but does fall within a Conservation Area.

RATES

Charging Authority: Newark & Sherwood District Council Description: Shop & Premises Rateable value: £4,150 - £13,250 UBR: 0.479 Period: 2017-2018

Multiplying the Rateable Value figure with the UBR multiplier gives the annual rates payable, excluding any transitional arrangements which may be applicable. For further information, please contact the Charging Authority.

For the breakdown of rateable value per unit please visit our webiste.

TENURE

For the breakdown of lease information for the current tenants, please visit our website.

PRICE

Offers of £475,000 are invited for the freehold interest in the property, subject to the various leases referred to alone. A purchase at this level would show a purchaser a net initial yield of 9.81% after costs of 1.8% and stamp duty.

VAT

The property is elected for VAT. The vendors are willing to proceed with a sale by the way of TOGC.

LEGAL COSTS

Each party will pay their own legal costs incurred in documenting the transaction.

The Money Laundering Regulations 2007 require estate agents and solicitors to formally identify parties to a transaction. Interested parties will therefore be required to provide proof of identity and address, normally a photocard driving licence or passport and recent utility bill. BANKS LONG & CO for themselves and for the vendors or lessors of this property whose agets they give notice that (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessers and do not consitute part of an offer or contract (ii) all descriptions, dimen-sions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them (iii) no person in the employment of BANKS LONG & CO has any authority to make or give any representation or warranty whatever in relation to this property.

VIEWING: To view the premises and for any additional information please contact the sole agents.

Contact: Harriet Hatcher T : 01522 544515 E : harriet.hatcher@bankslong.com Ref. 5088-J-M/2016

50 metres

Newark On Trent

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Experian Goad Plan Created: 03/03/2017Created By: Banks Long

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