The property comprises a substantial building, erected a considerable number of years ago, with accommodation arranged on basement, ground and two upper floors.
The ground floor and basement are let to Hays Travel. There is a separate entrance to the upper floors.
The first floor is let to K H Hair Ladies Hairdressers, who have been in occupation for many years and recently renewed their lease.
The second floor is now vacant and indicative plans have been drawn up showing how this can be refurbished to provide three self-contained apartments.
Location
Newark and Sherwood is the largest district in Nottinghamshire with a population of over 120,000. The 2020 Halifax Quality of Life Survey ranked the district as one of the top 25 UK places to live.
Newark is a thriving traditional market town with a resident population of some 34,500 persons and a shopping catchment of 60,000 persons.
The town lies approximately 20 miles north-east of Nottingham, on the main East Coast Railway Line with regular services to London Kings Cross in 1 hr 15 mins, with Lincoln lying 12 miles to the north.
The A46 to the south of the town was upgraded many years ago to dual-carriageway status, forming an important link for the development of the town. The town now enjoys the benefit of enhanced communications, not only to other parts of the UK, but especially to Nottingham and Leicester. This road in turn links to both the A1 to the north and the M1 to the south via the A46 south of the town. There are a number of major residential developments being undertaken within the Newark conurbation, thus increasing the size of the catchment population.
In recent years the redevelopment of the Potterdyke site immediately south of St Marks Place on Lombard Street, has been completed. The redevelopment included a new ASDA Superstore, retail units along the new shopping centre, a surgery, 14 houses, a new bus station and more recently a new Travelodge. Currently a further 2,600 homes are planned and being constructed for the town.
The main shopping facilities for Newark are centred upon the Market Place, St Marks Centre, the Buttermarket, Stodman Street, Middlegate and Kirkgate. The premises are situated on the northern side of Stodman Street at its junction with Middlegate. Many multiple retailers are represented close by including Boots The Chemist, Halifax Building Society, Cardzone, Roman Originals, White Stuff, Phase 8, Costa Coffee and Greggs.
The property occupies a 90% - 100% trading position within the town centre.
Accommodation
Ground Floor Sales - 109.71 sq m (1,181 sq ft)
Ground Floor Ancillary - 13.56 sq m (146 sq ft)
ITZA - 85.78 sq m (923 sq ft)
Basement Stores - 128.48 sq m (1,383 sq ft)
Sub-Total - 251.75 sq m (2,710 sq ft)
First Floor - 142.32 1,532 sq ft)
Second Floor - 150.40 sq m (1,619 sq ft)
TOTAL- 544.48 sq m (5,861 sq ft)
Terms
Tenure - Freehold.
Development Potential - Plans have been drawn up showing how the second floor can be developed to provide 3 self-contained residential units for letting. Copy plans are available upon request.
Tenancies - The ground floor and basement is let to Hays Travel Limited for a term of 10 years from 18th May 2020, expiring on 17th May 2030 at a rent of £XXX per annum, on a full repairing and insuring basis, with the tenant being directly responsible for all those aspects. There is a 5 year rent review and a tenant’s only break after 5 years 6 months in November 2025.
The first floor is let to K H Hair from 29.09.2020 for a term of 10 years, subject to a 5 year rent review and a tenant’s only break at the end of the 5th year, at a rent of £XXX per annum. The tenant is responsible for internal repairs and decorations together with a contribution to the landlord’s insurance premium.
Tenant’s Covenant - Hays Travel are shown by Experian to have the following credit rating:
- Risk score – 99/100
- Credit limit - £XXX
- Credit Rating - £XXX
- Risk – very low risk
Hays Travel are a travel agent operating 535 retail outlets and 3 call centres. They became prominent a few years ago with the acquisition of Thomas Cook’s retail premises.
Rental Value - The rent of £XXX per annum equates to a Zone A figure of £XXX using £XXX on the ground floor ancillary and £XXX on the basement stores. There is no allowance for the return frontage because this is cancelled out by the frontage to depth ratio.
The first floor rent of £XXX equates to a figure of £XXX per ft².
Price - Offers are invited at a figure of £XXX to show an initial yield of 7.1% on the existing income plus the residual value of the second floor accommodation
Identity Checks - In order to comply with Anti-Money Laundering Legislation, the successful purchaser will be required to provide identification documents, including a current passport or driver’s licence and utility bill.
EPC - The Ground Floor and Basement have an EPC rating of Band D – 90, and the First and Second Floors have an EPC rating of Band D – 115. It should be noted, however, that the EPC Certificate for the upper floors includes the Second Floor which is vacant and in need of repair.
VAT and Costs - The rent is not subject to VAT and therefore VAT is not payable. Each side is to be responsible for their own legal costs.
Specification
- Current Gross Income £XXX per annum
- Majority of the income secured on Hays Travel Limited
- First Floor let to long-established Ladies Hairdressers
- Potential to develop the Second Floor into 3 self-contained apartments via separate access
- Offers invited at £XXX