Natwest Bank 1 Market Place Newark Nottinghamshire NG24 1DY

Natwest Bank
1 Market Place
Newark
Nottinghamshire
NG24 1DY

Freehold Bank Investment

Predominantly let to National Westminster Bank plc until 2028 (no breaks)
Fixed minimum rental increase in 2021
Historic and attractive market and commuter town
Grade II Listed
Nearby occupiers include Marks & Spencer, Boots the Chemist, WH Smith, Superdrug, Costa and JD Wetherspoon
VAT-free Investment
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
41
Auction
10th December 2015
Rent
£68,250 per Annum Exclusive
Status
Sold
Price
£1,100,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Charity Trustees

Interested?

Expand
Photos
Map

Freehold Bank Investment

Predominantly let to National Westminster Bank plc until 2028 (no breaks)
Fixed minimum rental increase in 2021
Historic and attractive market and commuter town
Grade II Listed
Nearby occupiers include Marks & Spencer, Boots the Chemist, WH Smith, Superdrug, Costa and JD Wetherspoon
VAT-free Investment
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 41
Auction 10th December 2015
Rent £68,250 per Annum Exclusive
Status Sold
Price £1,100,000
Sector
Bank
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Charity Trustees

Property Information

Location

Miles: 20 miles north-east of Nottingham, 18 miles south-west of Lincoln, 138 miles north of London
Roads: A1, A17, A46, A617
Rail: Newark North Gate Railway Station (1hr 13 mins to London)
Air: East Midlands and Robin Hood Doncaster Sheffield Airports

Situation

Newark-on-Trent, with a population of 25,000, is an attractive market town popular with commuters, being located 20 miles from Nottingham City Centre. The property is situated in a prominent corner position fronting the busy pedestrianised Market Place where markets have taken place since 1156 AD. It also benefits from a return frontage to Stodman Street. Nearby occupiers include Marks & Spencer, Boots the Chemist, WH Smith, Superdrug, Costa, JD Wetherspoon and the main High Street banks.

Tenure

Freehold.

Location

Miles: 20 miles north-east of Nottingham, 18 miles south-west of Lincoln, 138 miles north of London
Roads: A1, A17, A46, A617
Rail: Newark North Gate Railway Station (1hr 13 mins to London)
Air: East Midlands and Robin Hood Doncaster Sheffield Airports

Situation

Tenure

Freehold.

Description

The property comprises a ground floor banking hall with ancillary accommodation in the basement and on the first floor. The second and third floors comprise self-contained residential accommodation accessed from Market Place. There is an electricity sub-station on site.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is not applicable to this lot.

Viewings

There will be a single block viewing for this property. All interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Email will.moore@acuitus.co.uk

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

Viewings

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Basement Ground First	Ancillary Banking Hall/Ancillary Ancillary	96.34 sq m 230.11 sq m 158.58 sq m	(1,037 sq ft) (2,477 sq ft) (1,707 sq ft)	NATIONAL WESTMINSTER BANK PLC (1)	22 years from 13/12/2006 until 11/12/2028 on a full repairing and insuring lease (2)	£68,000	11/12/2021 (3)
Second & Third	Residential	Not Measured		INDIVIDUALS	125 years from 27/05/2014	£250	25 yearly fixed increases (4)
Total Commercial Area		485.03 sq m	(5,221 sq ft)			£68,250

(1) National Westminster Bank is a wholly owned subsidiary of Royal Bank of Scotland plc, who have a market capitalisation of £43bn and are 81% owned by HM Government. (Source: www.natwest.com & www.rbs.com)
(2) There is a service charge cap rising annually in line with RPI.
(3) The rent is reviewed to the higher of Open Market Rental Value or a fixed increase of 3.75%.
(4) In May 2039 the rent will increase to £500 p.a.x., in May 2064 the rent will increase to £1,000 p.a.x, in May 2089 the rent will increase to £1,500 p.a.x and in May 2114 the rent will increase to £2,000 p.a.x.