21-21a Castlegate and 2-6 and 12 Boar Lane Newark Nottinghamshire NG24 1AJ

21-21a Castlegate and 2-6 and 12 Boar Lane
Newark
Nottinghamshire
NG24 1AJ

Freehold Retail Investment with Residential Development Potential (Subject to Consents)

Substantial Grade II Listed Property
Includes 4 Retail Units and Self Contained Ancillary Upper Floors
Busy Town Centre Location
Residential Development Potential of Upper Floors (Subject to Consents)
Approximately 365.92 sq m (3,926 sq ft)

Lot
28
Auction
4th November 2021
Rent
£53,800 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
Live Streamed Auction

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Freehold Retail Investment with Residential Development Potential (Subject to Consents)

Substantial Grade II Listed Property
Includes 4 Retail Units and Self Contained Ancillary Upper Floors
Busy Town Centre Location
Residential Development Potential of Upper Floors (Subject to Consents)
Approximately 365.92 sq m (3,926 sq ft)

Lot 28
Auction 4th November 2021
Rent £53,800 per Annum Exclusive
Status Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 15 miles east of Nottingham,; 16 miles south west of Lincoln,; 35 miles south east of Sheffield
Roads: A46, A1, A617,
Rail: Newark Castle Railway Station,; Newark Northgate Railway Station
Air: East Midlands Airport,; Doncaster / Sheffield Airport, Birmingham Airport

Situation

Newark is a historic and picturesque market town approximately 15 miles north east of Nottingham.
The property is situated on the north side of the busy Castlegate Road at its junction with Boar Lane and directly opposite Newark Castle and Gardens. The property is located in the main commercial centre of Newark with nearby occupiers including Savers, Vodafone and many local traders, cafes and restaurants.

Tenure

Freehold.

Location

Miles: 15 miles east of Nottingham,; 16 miles south west of Lincoln,; 35 miles south east of Sheffield
Roads: A46, A1, A617,
Rail: Newark Castle Railway Station,; Newark Northgate Railway Station
Air: East Midlands Airport,; Doncaster / Sheffield Airport, Birmingham Airport

Situation

Tenure

Freehold.

Description

The property, a substantial Grade II listed building comprises 5 ground floor retail units and self contained ancillary accommodation on the first an second floors which may be suitable for conversion to residential flats (subject to consents).

VAT

VAT is not applicable to this lot.

Completion Period

6 Week Completion

EPC

Not required as the property is Grade 2 listed

Description

VAT

VAT is not applicable to this lot.

Completion Period

6 Week Completion

EPC

Not required as the property is Grade 2 listed

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
21 Castlegate & 2 Boar Lane	Ground	Retail	34.74 sq m	(373 sq ft)	INDIVIDUAL t/a BODRUM KEBAB HOUSE	20 years from 01/09/2020	£16,000	01/09/2025 (31/08/2040)
21a Castlegate	Ground Basement	Retail	89.76 sq m 23.20 sq m	(966 sq ft) (249 sq ft)	INDIVIDUAL t/a DRAGON CITY (4)	20 years from 28/11/2003	£17,500	(28/11/2023)
4-6 Boar Lane	Ground	Retail	84.92 sq m	(904 sq ft)	INDIVIDUAL t/a BEAU & BROOKE	5 years from 01/11/2019	£10,000	(01/11/2024)
12 Boar Lane	Ground	Retail	29.50 sq m	(317 sq ft)	KD LIVING LIMITED (2)	5 years from 01/02/2020 (2)	£7,000	(31/01/2025)
Upper Parts of 21 & 21a Castlegate	First Second	Ancillary	78.90 sq m 24.90 sq m	(849 sq ft) (268 sq ft)	INDIVIDUAL	12 Month Licence	£3,300
Total Approximate Floor Area			365.92 sq m	(3,926 sq ft) (1)			£53,800

(1) The above floor areas are those published by the Valuation Office Agency (www.voa.gov.uk)
(2) As to 12 Boar Lane, KD Living limited was incorporated in February 2018. The tenant has sublet the unit to an individual
t/a The Little Hair Extension Boutique for a term of 3 years from 15th March 2024, subject to a tenant option to determine the sub lease on 15th March 2023 and at a current rent reserved of £6250 per annum.
(3) The Upper parts are occupied under the terms of a licence agreement that can be determined by either party on serving 1 months written notice.
(4) As to 21 Castlegate & 2 Boar Lane, the Seller is holding a 3 months rent deposit.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.