Commercial property for sale in Carter Gate, Newark NG24
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Property features
- Investment let at £12,000
- P.a. (8.29% giy on guide)
- Current rent is £9,950 p.a.; vendor will top up rent to £12,000
- Per annum until 29.01.26 (Please refer to legal pack)
- Comprising of retail space at ground floor and ancillary space at first floor
- Let on a 10 year renewal lease from 2021 (reversion 2031) In occupation since 2016, Rent review - 29.01.26
- Development potential to additional space at 1st floor and convert to residential dwelling (subject to exiting lease and requisite consents)
- Asset management potential to increase the rent at next rent review/reversion
- Located on a pedestrianised street
- Small yard to the rear of the property with a car parking space
Property description
Strapline
Auction Sale - 23/07/2024
Of interest to Investors and Developers
A freeholder mid terrace property comprising of retail space at ground floor and ancillary space at first floor, let on a 10 year lease from 2021.
Investment let at £12,000 p.a. Review in 2026
Description
A mid terrace property forming part of busy and established shopping parade and comprising of commercial space at ground floor and ancillary space at first floor.
There is possible development potential to add additional space at first floor and convert to residential dwelling (subject to the existing lease and requisite consents)
Nearby occupiers include Sports Direct, Argos, Cash convertors as well as a wide range of local & established independent retailers.
The vendor will top up rent to £12,000 until 29.01.26 (rent review).
No.50 is an identical property on the road that sold for £140,000 in 2021.
Location
The property is located on the west side of Cartergate Street. Close to the junction with Beaumond Cross. Newark Northgate station is located an approx. 0.6 miles from the property
Newark Castle Station is located an approx. 0.5 miles from the property
Transport
Newark Northgate Station & Newark Castle Station - National rail services
Tenancy
Please refer to Accommodation and Tenancy schedule
Accommodation
Please refer to Accommodation and Tenancy schedule
For more information about this property, please contact
Savills - National Auctions, W1G on +44 20 8022 4160 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Savills - National Auctions, and do not constitute property particulars. Please contact Savills - National Auctions for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.
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