House for sale in Northgate, Newark

A freehold investment including 54 apartments and 3 let retail units. This 19th Century Grade II Listed Brewery renovation and conversion is a prominent local landmark, and a highly successful development. The retails units on comparatively long leases, produce a gross income of ?50,000 per annum. Service charge income for year end June 2024 in the audited management accounts totals ?88,473. The leasehold interests on a term of 125 years generally from around 2010. Ground rents currently total ?TBC per annum.

A freehold investment including 54 apartments and 3 let retail units. This 19th Century Grade II Listed Brewery renovation and conversion is a prominent local landmark, and a highly successful development. The retails units on comparatively long leases, produce a gross income of ?54,000 per annum. Service charge income for year end June 2024 in the audited management accounts totals ?88,473. The leasehold interest on a term of 125 years generally from around 2010. Ground rent, currently total ?TBC p.a.

The building stands with a prominent frontage to Northgate adjacent to the Retail Park. This building is within two or three minutes walking distance of Newark Northgate Railway Station with regular services to London King's Cross and journey times in just over 75 minutes.

Newark on Trent has a population of approximately 35,000, and a 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 ground rent/service charge and retail investment income.

Brief Particulars - 54 leasehold apartments.

The unexpired leasehold interests are generally circa 110 years.

Retail Units -

Unit 1 - Tenants: Giles & Bella
Annual Rent: ?24,000 pa
Term: 8 years, completion of the new lease imminent
Rent: Concession for 6 months
Break: Year 5
Rent Review: Year 5
Repairs: Tenant internal decoration and glass
Service Charge: To include Building Insurance, cleaning common parts, maintenance of common parts, and reserve fund

Unit 2 - Tenant: The Coffee Chain Limited
Lease Date: 12th June 2019
Term: 6 years from 11th June 2019 to 11th June 2025
New lease terms negotiated
Rent: ?18,000 per annum
Service Charge: To include Building Insurance, cleaning common parts, maintenance of common parts, and reserve fund

Unit 3 - Tenant: Anna Leach SACS
Term: 10 years from September 2020 to September 2028
Rent: ?12,000 per annum
Break Clause: 1st September 2025 not exercised, 1st September 2028 subject to 6 months notice
Rent Review Date: 1st September 2025
Service Charge: To include Building Insurance, cleaning common parts, maintenance of common parts, and reserve

Tenure - The property is freehold subject to existing business tenancies and long leasehold interests.

Management Accounts - Management accounts are available from year ending 30th June 2024.

Vat - We understand the building is elected for VAT. VAT therefore will be charged on the purchase price.

Contacts - Richard Watkinson
Email: richardwatkinson@richardwatkinson.co.uk
Tel No: 01636 611811

Kirsty Keeton
Email: kirsty@richardwatkinson.co.uk
Tel No: 01636 611811