Buttermarket Shopping Centre Market Place Newark on Trent Nottinghamshire NG24 1BF

Buttermarket Shopping Centre
Market Place
Newark on Trent
Nottinghamshire
NG24 1BF

Substantial Shopping Centre Investment

  • Attractive and historic shopping centre comprising 22 retail units
  • Prominent town centre location fronting Market Place and Middle Gate
  • Asset management opportunities
  • Neighbouring occupiers include EE, Boots, NatWest, Starbucks and Ladbrokes
  • Lot
    63
  • Auction
    5th December 2018
  • Rent
    £71,300 per Annum Exclusive
  • Status
    Sold Prior
  • Price
     
  • Sector
    Shopping Centre
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of Major Fund Manager
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Substantial Shopping Centre Investment

  • Attractive and historic shopping centre comprising 22 retail units
  • Prominent town centre location fronting Market Place and Middle Gate
  • Asset management opportunities
  • Neighbouring occupiers include EE, Boots, NatWest, Starbucks and Ladbrokes
  • Lot 63
  • Auction 5th December 2018
  • Rent
  • Status Sold Prior
  • Price  
  • Sector
    Shopping Centre
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of Major Fund Manager

Property Information

Location
Miles
20 miles north-east of Nottingham
18 miles south-west of Lincoln
45 miles south-east of Sheffield
Roads
A1, A17, A46, A617
Rail
Newark Northgate, Newark Castle
Air
East Midlands Airport
Situation

Newark-on-Trent is an attractive market town popular with commuters, being located 20 miles from Nottingham city centre and 18 miles southwest of Lincoln. The property benefits from a prominent town centre location situated in between Middle Gate and the pedestrianised Market Place, home to the Newark Outdoor Market. Other nearby occupiers include EE, Boots, NatWest, Starbucks Coffee and Ladbrokes.

Tenure

Long Leasehold. Held from Newark & Sherwood District Council for a term of 125 years from 01/06/1988 until 31/05/2113 at a peppercorn rent.

Location
Miles
20 miles north-east of Nottingham
18 miles south-west of Lincoln
45 miles south-east of Sheffield
Roads
A1, A17, A46, A617
Rail
Newark Northgate, Newark Castle
Air
East Midlands Airport
Situation

Newark-on-Trent is an attractive market town popular with commuters, being located 20 miles from Nottingham city centre and 18 miles southwest of Lincoln. The property benefits from a prominent town centre location situated in between Middle Gate and the pedestrianised Market Place, home to the Newark Outdoor Market. Other nearby occupiers include EE, Boots, NatWest, Starbucks Coffee and Ladbrokes.

Tenure

Long Leasehold. Held from Newark & Sherwood District Council for a term of 125 years from 01/06/1988 until 31/05/2113 at a peppercorn rent.

Description

The property is an attractive 23,101 sq ft shopping centre providing 22 retail units over ground and first floors and additional office accommodation which has been let on a long lease. Part of the property is housed beneath one of the town’s most imposing buildings, the Grade 1 listed Georgian Town Hall overlooking Newark’s market place.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

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

Description

The property is an attractive 23,101 sq ft shopping centre providing 22 retail units over ground and first floors and additional office accommodation which has been let on a long lease. Part of the property is housed beneath one of the town’s most imposing buildings, the Grade 1 listed Georgian Town Hall overlooking Newark’s market place.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

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

Tenancy & Accommodation

Unit Use Floor Areas (Approx) Tenant Term Rent p.a.x Reversion
1 & 2 Retail
123.84 sq m
(1,333 sq ft)
GRACEGENTLE LTD
t/a Gracegentle Gifts
5 years from
09/01/2017
£26,000 08/01/2022
3 Retail
420.57 sq m
(4,527 sq ft)
BLACKS OUTDOOR
RETAIL LTD (1)
Term expiring
14/05/2014
£28,500 Holding over
(2)
12 & 13 Retail
89.65 sq m
(965 sq ft)
YONOL LTD 1 year from
01/08/2018
£11,400 01/08/2019
14 Retail
10.59 sq m
(114 sq ft)
INDIVIDUAL 13 months from
05/06/2018
£2,400 05/07/2019
19 Retail
18.21 sq m
(196 sq ft)
INDIVIDUAL 1 year from
29/12/2017
£3,000 29/12/2018
(2)
Units 4, 5, 6, 7,
8, 9 & 11, 10,
15, 16, 17, 18,
20 & 21, 23,
24-26, 27, 28,
28A
Retail
1,442.78 sq m
(15,530 sq ft)
VACANT POSSESSION      
  Office
40.51 sq m
(436 sq ft)
NEWARK TOWN
COUNCIL
125 years from
01/06/1988
Peppercorn 01/06/2113
Total
2,146 sq m
(23,101 sq ft)
    £71,300  

(1) Blacks Outdoor Retail Limited is part of JD Sports Fashion Plc, a leading multichannel retailer of sports fashion and outdoor brands in the UK and Europe with 1,400 stores. Blacks currently operates 52 stores throughout the UK (Source: www.jdplc.com and www.blacks.co.uk 09/11/2018).
(2) The Seller is in discussion with the tenant with regard to a new lease.

Property Documents

  • Catalogue Page
    Updated Date
    14.11.18
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    14.11.18
    File Size
    4 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Hamlins LLP Roxburghe House, 273-287 Regent Street
London
W1B 2AD
Alexy Pemberton 020 7355 6008alexy.pemberton@hamlins.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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