£265,000
(£96.33/sq. ft)
Retail premises for saleBarnby Gate, Newark On Trent NG24
2,751 sq. ft
About this property
Investment Consideration:
Gross Initial Yield: 9.16%
Rental Income: £24,275 p.a.
VAT is applicable to this property
Comprises retail parade of 3 retail shops (14 Barnby Gate) with residential upper parts above (sold-off) and retail premises at 15 Balderton Gate (sold-off)
Units 1 & 2 let until 2030/2031. No breaks. Rent reviews in 2025/2026.
Occupiers close by include Argos, Sports Direct, Cash Convertors, Oxfam and more.
Property Description:
The property comprises retail parade of 3 ground floor shops (14 Barnby Gate) with residential upper parts (sold-off) and retail premises at 15 Balderton Gate (sold-off), providing the following accommodation and dimensions:
No: 14 Barnby Gate
Ground Floor Unit 1: 93.50 sq m (1,006 sq ft)
Open plan retail, storage, kitchen, wc
Ground Floor Unit 2: 71.84 sq m (773 sq ft)
Open plan retail, storage, kitchen, wc
Ground Floor Unit 3: 90.30 sq m (972 sq ft)
Open plan retail, storage, kitchen, wc
First/Second Floor Residential Block: Sold-off
No: 15 Balderton Gate
Ground/First Floor Retail Premises: Sold-off
Total Retail gia: 255.64 sq m (2,751 sq ft)
Tenancy:
Unit 1 (14 Barnby Gate) is at present let to an Individual t/a Premier for a term of 10 Years from 10th February 2021 at a current rent of £9,000 p.a. And the lease contains full repairing and insuring covenants. Rent review on 10.02.26 open market upward only. Tenant break option in 2026 not exercised.
Unit 2 (14 Barnby Gate) 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.
Unit 3 (14 Barnby Gate) is at present let to an Individual t/a Hair Salon (currently used as storage) for a term of 5 Years from 1st July 2023 at a current rent of £7,200 p.a. And the lease contains full repairing and insuring covenants. Tenant option to determine on 01.07.26 with min 6 months notice.
First/Second Floor Residential Parts (14 Barnby Gate) have been sold-off on long leasehold for a term of 999 Years from 21st August 2015 at a ground rent of peppercorn.
Retail Premises (15 Balderton Gate) have been sold-off on long leasehold for a term of 999 Years from 9th March 2015 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.
Gross Initial Yield: 9.16%
Rental Income: £24,275 p.a.
VAT is applicable to this property
Comprises retail parade of 3 retail shops (14 Barnby Gate) with residential upper parts above (sold-off) and retail premises at 15 Balderton Gate (sold-off)
Units 1 & 2 let until 2030/2031. No breaks. Rent reviews in 2025/2026.
Occupiers close by include Argos, Sports Direct, Cash Convertors, Oxfam and more.
Property Description:
The property comprises retail parade of 3 ground floor shops (14 Barnby Gate) with residential upper parts (sold-off) and retail premises at 15 Balderton Gate (sold-off), providing the following accommodation and dimensions:
No: 14 Barnby Gate
Ground Floor Unit 1: 93.50 sq m (1,006 sq ft)
Open plan retail, storage, kitchen, wc
Ground Floor Unit 2: 71.84 sq m (773 sq ft)
Open plan retail, storage, kitchen, wc
Ground Floor Unit 3: 90.30 sq m (972 sq ft)
Open plan retail, storage, kitchen, wc
First/Second Floor Residential Block: Sold-off
No: 15 Balderton Gate
Ground/First Floor Retail Premises: Sold-off
Total Retail gia: 255.64 sq m (2,751 sq ft)
Tenancy:
Unit 1 (14 Barnby Gate) is at present let to an Individual t/a Premier for a term of 10 Years from 10th February 2021 at a current rent of £9,000 p.a. And the lease contains full repairing and insuring covenants. Rent review on 10.02.26 open market upward only. Tenant break option in 2026 not exercised.
Unit 2 (14 Barnby Gate) 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.
Unit 3 (14 Barnby Gate) is at present let to an Individual t/a Hair Salon (currently used as storage) for a term of 5 Years from 1st July 2023 at a current rent of £7,200 p.a. And the lease contains full repairing and insuring covenants. Tenant option to determine on 01.07.26 with min 6 months notice.
First/Second Floor Residential Parts (14 Barnby Gate) have been sold-off on long leasehold for a term of 999 Years from 21st August 2015 at a ground rent of peppercorn.
Retail Premises (15 Balderton Gate) have been sold-off on long leasehold for a term of 999 Years from 9th March 2015 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.
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