0 Bed Retail Property (high Street) For Sale

Investment Consideration:

Gross Initial Yield: 8.50%

Rental Income: £8,075 p.a.

VAT is applicable to this property

Comprises ground floor retail shop t/a Tanning Salon

Occupiers close by include Argos, Sports Direct, Cash Convertors, Oxfam and more.



Property Description:

Comprises ground floor retail shop t/a Tanning Studio, providing the following accommodation and dimensions:

Ground Floor: 71.84 sq m (773 sq ft)

Open plan retail, storage, kitchen, wc



Tenancy:

The property is at present let to an Individual t/a Tanning Salon for a term of 10 Years from 1st November 2020 at a current rent of £8,075 p.a. and the lease contains full repairing and insuring covenants. Rent review on 01.11.25 outstanding. Tenant break option in 2025 NOT exercised.



Tenure:

Long Leasehold. To be held on a 999 Year lease from completion at a ground rent of peppercorn.



Location:

Newark is an attractive market town situated 17 miles north-east of Nottingham and 16 miles south-west of Lincoln. The town is located at the junction of the A1 and A46 dual carriageways, giving good access in both north to south and east to west directions. Newark Northgate Station is 0.6 miles to the north-east of the property and provides direct trains to London and Leeds. The property is situated on the south side of Barnby Gate, between its junctions with Carter Gate and Guildhall Street, a short distance tothe east of the town centre. The rear of the property fronts Balderton Gate. Occupiers close by include Argos, Sports Direct, Cash Convertors and Oxfam amongst a range of local traders.