House For Sale £110,000
Church Street, Newark

* VIEWINGS STRICTLY BY PRIOR APPOINTMENT* A Freehold town centre retail investment, let on lease to produce an income of £8,000 per annum exclusive. The property is situated in a prime trading area and tourist location, opposite to St Mary's Church and adjacent to Newark town centre Market Place.

The ground floor sales shop with display window provides 245 sq. ft. There is a barrel vaulted cellar. A good staircase leads to the first floor accommodation with stores, kitchen and WC facility. The second floor included in the Freehold interest and sale is not accessible at the present time and needs reconstruction of a staircase.

The town has a population of approximately 35,000 and there is an important catchment area of a further 115,000. There is a broad base of commerce and industry in the town, the business parks are well occupied and there is a very good level of employment and affluence locally.

The town has an historic background with Georgian Market Square, 12th Century Castle, riverside areas and the National Civil War Centre attracting a significant tourist trade to this area.

Ground Floor -

Sales Shop - 5.18m x 4.37m (17' x 14'4) - (Including the staircase area and excluding the front window display area)

Two ceiling beams, base unit and stainless steel sink unit. Hatch to a barrel vaulted cellar. Winding staircase to the first floor.

First Floor -

Store/Display Room - 4.37m x 2.74m (14'4 x 9') - Excluding the stairwell area.

Two heavy ceiling beams.

Kitchen/Storage - 3.91m x 1.27m (12'10 x 4'2) - With stainless steel sink unit.

Separate Wc - With low suite WC and basin.

Second Floor - There is currently no staircase access to the second floor accommodation which provides:

Kitchen - 3.91m x 3.71m (12'10 x 12'2) - With gloss white units, stainless steel sink unit, ceramic hob and electric oven. Electric space heater.

Shower Room - With shower, pedestal basin, electric heated towel rail.

Utility Room - 3.12m x 1.70m (10'3 x 5'7) - Sink unit, WC and cupboards with sliding doors.

Lease Terms - The property is let to Mr Gary Smith and Mrs Maria Smith.

The current rent passing is £8,000 per annum, paid monthly in advance.

Lease Commencement Date - 5 years from 22nd July 2021 subject to a Break Clause in year 3.

Repairs - The Lease is on the basis of Tenants responsible for internal repairs only and the display windows. Landlord responsible for external repairs.

Insurance - Landlord insures the property reclaiming the cost of insurance from the Tenant by way of Insurance Rent.

Rateable Value - The current rateable value (1st April 2023 to present) is £6,100.

Tenure - The property is Freehold.

Possession - The Property is sold subject to the existing business tenancy.

Viewing - Strictly by appointment with the selling agents and by courtesy of the tenant.