The property consists of a substantial building with Georgian elevations to Middle Gate of brick construction with stone quoins incorporating timber sash windows with stone surrounds beneath the pitched slate covered roof. More recently, it has undergone extensive reconfiguration and reconstruction to provide three ground floor retail units together with eight HMOs on the first and second floors.
Access to the residential element is via a central doorway on Middle Gate. Each retail unit is self contained. The HMOs have the benefit of a communal fully fitted kitchen on the first floor. The individual rooms benefit from electric heating and hot water. Each unit is separately metered. Some have ensuite facilities.
Location
Newark and Sherwood is the largest district in Nottinghamshire with a population of over 120,000. The 2020 Halifax Quality of Life Survey ranked the district as one of the top 25 UK places to live. Newark is a thriving traditional market town with a resident population of some 34,500 persons and a shopping catchment of 60,000 persons. The town lies approximately 20 miles north-east of Nottingham, on the main East Coast Railway Line with regular services to London Kings Cross in 1 hr 15 mins, with Lincoln lying 12 miles to the north.
The A46 to the south of the town was upgraded many years ago to dual-carriageway status, forming an important link for the development of the town. The town now enjoys the benefit of enhanced communications, not only to other parts of the UK, but especially to Nottingham and Leicester. This road in turn links to both the A1 to the north and the M1 to the south via the A46 south of the town.
There are a number of major residential developments being undertaken within the Newark conurbation, thus increasing the size of the catchment population.
In recent years the redevelopment of the Potterdyke site immediately south of St Marks Place on Lombard Street, has been completed. The redevelopment included a new ASDA Superstore, retail units along the new shopping centre, a surgery, 14 houses, a new bus station and more recently a new Travelodge. Currently a further 2,600 homes are planned and being constructed for the town.
The main shopping facilities are centred upon the Market Place, St Marks Centre, the Buttermarket, Stodman Street, Middle Gate and Kirkgate.
Nearby on Stodman Street the former M & S store is being redeveloped to provide shops for local traders together with a number of separate apartments above.
The premises are situated on the northern side of Middle Gate close to its junction with Stodman Street. Many multiple retailers are represented close by including Boots The Chemist, Halifax Building Society, Roman Originals, White Stuff, Savers, Co-Op Travel, Costa Coffee and Greggs.
Accommodation
42 Middle Gate
Sales - 346 sq ft (32.14 sq m)
Stores - 17 sq ft (1.57 sq m)
ITZA - 274 sq ft (25.46 sq m)
44 Middle Gate
Sales - 270 sq ft (25.08 sq m)
Stores - 181 sq ft (16.81 sq m)
ITZA - 270 sq ft (25.08 sq m)
46 Middle Gate
Sales - 365 sq ft (33.9 sq m)
ITZA - 292.69 sq ft (27.94 sq m)
Total - 1,179 sq ft (109.52 sq m)
First Floor: 2 Studios and 2 Rooms, Communal Kitchen and Bathroom - 853 sq ft (79.20 sq m)
Second Floor: 2 Studios and 2 Rooms, Communal Bathroom - 663 sq ft (61.70 sq m)
8 HMOs
Terms
Rental Levels - An analysis of the rent passing on the retail units shows Zone A figures of between £48 to £50. We consider the shop units to be rack rented.
However, there is a good demand for units of this size as is evidenced with the recent letting of 46 Middle Gate at a rent of £14,000 equating to £47.83 Zone A.
Price - Offers are invited over £995,000 to show a gross yield of 10.3% before allowances and costs.
EPCs, ASTs, Lease and Plans - All available upon request.
The EPC rating for the flats is D/63, expiring October 2034.
VAT - The sale will be as a TOGC.
Identity Checks - In order to comply with Anti-Money Laundering Legislation, any purchaser will be required to provide identification documents. The required documents will be confirmed to and requested from the successful purchaser at the appropriate time.
Legal Costs - Each side to be responsible for their own legal costs.
Specification
- Fully let and income producing
- Three retail units producing £42,500 per annum and eight HMOs producing £60,000 per annum
- Excellent central location close to the market square
- Recently reconstructed and in excellent condition
- Offers invited over £995,000 to show a gross yield before allowances and costs of 10.3%