Freehold Retail Investment Lombard Street, St. Marks Lane, Newark ...
Derby | Leicester | Nottingham
Freehold Retail Investment Lombard Street, St. Marks Lane, Newark-on-Trent, NG24 1XS At the entrance to St. Marks Place Shopping Centre and situated opposite the new ASDA development All enquiries / viewing requests Matthew Hannah / Ben Taylor E [email protected] [email protected] A 2 The Triangle, Enterprise Way ng2 Business Park Nottingham NG2 1AE
Dated June 2013
Price - £500,000 reflecting a NIY of 7.45 % off a rental income of £39,000 pax Let to Cheque Centres Ltd and CC Restaurant & Catering Ltd Adjacent to Marks & Spencer entrance
0115 924 3243 innes-england.com
ENTRANCE TO ST. MARKS SHOPPING CENTRE
Newark Newark is a thriving and prosperous Market Town with a population of approximately 35,000. The catchment within 20km is 160,000 and has been identified as a Growth Point for an increased population within the East Midlands. The town is well located sitting at the Junction of the A1, A46 and A17, with a electrified train line to London Kings Cross taking only 1 hour 20 minutes. The A46 has just been improved to dual carriageway between the M1 J21(A) at Leicester to Newark and then onto Lincoln affording greater ease of car access from the neighbouring region. Location The two units are situated on the junction between Lombard Street and St. Marks Lane, which forms an entrance to the St. Marks Place Shopping Centre in the heart of Newark. Opposite to the subject property is the pedestrianised entrance to the new 60,000 sq ft ASDA store and Bus Station. An entrance to Marks & Spencer is adjacent and retailers in the scheme include Newlook, Clarks Shoes, Brighthouse and Card Factory. The historic Market Square and prime Stodman Street are located close by, along with the St Marks Place NCP car park. Description Unit A – the unit occupies a prominent corner location and consists of ground floor retail and first floor ancillary. Unit B – Recently fitted out ground floor restaurant premises with an additional function room at first floor and further ancillary space.
Accommodation Unit A 34 Lombard Street Ground Floor Sales Ground Floor Ancillary First Floor Ancillary Total
sq m 75.23 21.02 66.17 162.42
sq ft 809 226 712 1,747
Unit B 19 St. Marks Lane sq m Ground Floor Retail / 107.82 Restaurant First Floor Function Area 43.67 First Floor Ancillary 20.45 Storage Total 171.94
sq ft 1,160 470 220 1,850
(Measurements are quoted on a Net Internal Area basis, in accordance with the RICS Code of Measuring Practice.)
EPC Unit A has an EPC rating of F 137 Unit B has an EPC rating of E 107
0115 924 3243 innes-england.com
Tenancy Schedule
NEW 24 HR ASDA STORE
Property
Tenant
Lease Start
Rent Review
Break
Rent
02/09/2011
Lease Expiry 01/09/2021
Unit A 34 Lombard Street Unit B 19 St. Marks Lane
Cheque Centres Ltd (SC167596)
02/09/2016
02/09/2016
£18,000
CC Restaurant & Catering Ltd (08237191)
05/02/2013
04/02/2038
05/02/2018 th & every 5 year
05/02/2018
£21,000
Total
£39,000
Notes 1. Cheque Centres Ltd currently trade from approximately 400 stores nationwide. 2. CC Restaurant & Catering Ltd guaranteed by G.M. Chummar & T.C.N. Kunnam. In addition a 3 month rental deposit is held. 3. Current rent passing on Unit B is £15,750, payable by CC Restaurant & Catering Ltd to increase to £21,000 pa on 13/11/2014 and £24,000 pa on 13/11/2015. Vendor will pay a top up rent to £21,000pa until 12/11/2014. Planning We understand that Unit A has consent for A2 (Retail) and Unit B has consent for A3 (Restaurant), under the Use Classes Order 1987.
PEDESTRIAN ENTRANCE TO ASDA FROM LOMBARD STREET
Business Rates Unit A Rateable Value Description
£13,750 Shop & Premises
Unit B Rateable Value Description
£21,500 Cafe & Premises
Price £500,000 to reflect a Net Initial Yield of 7.45% on an income of £39.000 per annum, and purchasers costs of 4.8% Value added tax The property is elected for VAT and therefore VAT is payable on the price paid, unless treated as a Transfer of a Going Concern (TOGC). NEWARK MARKET
Legal Costs Each party to bear their own legal costs incurred in the transactions. Viewing By appointment with the sole agents Innes England. Matthew Hannah M 07831 319801 E [email protected] STODMAN STREET
Ben Taylor M 07870 682050 E [email protected]
NEWARK BUS STATION
0115 924 3243 innes-england.com
This plan is published for convenience of identification. Any site boundaries shown are indicative only. © Crown copyright – License No. 100007643
Innes England for themselves and for vendors or lessors of the property whose agents they are, give notice that: (i) the particulars are set out as a general outline only for the guidance of intended purchasers or lessees and do not constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and
NOT TO SCALE
any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Innes England has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rentals and prices are quoted exclusive of VAT.
0115 924 3243 innes-england.com
Freehold Retail Investment Lombard Street, St. Marks Lane, Newark-on-Trent, NG24 1XS At the entrance to St. Marks Place Shopping Centre and situated opposite the new ASDA development All enquiries / viewing requests Matthew Hannah / Ben Taylor E [email protected] [email protected] A 2 The Triangle, Enterprise Way ng2 Business Park Nottingham NG2 1AE
Dated June 2013
Price - £500,000 reflecting a NIY of 7.45 % off a rental income of £39,000 pax Let to Cheque Centres Ltd and CC Restaurant & Catering Ltd Adjacent to Marks & Spencer entrance
0115 924 3243 innes-england.com
ENTRANCE TO ST. MARKS SHOPPING CENTRE
Newark Newark is a thriving and prosperous Market Town with a population of approximately 35,000. The catchment within 20km is 160,000 and has been identified as a Growth Point for an increased population within the East Midlands. The town is well located sitting at the Junction of the A1, A46 and A17, with a electrified train line to London Kings Cross taking only 1 hour 20 minutes. The A46 has just been improved to dual carriageway between the M1 J21(A) at Leicester to Newark and then onto Lincoln affording greater ease of car access from the neighbouring region. Location The two units are situated on the junction between Lombard Street and St. Marks Lane, which forms an entrance to the St. Marks Place Shopping Centre in the heart of Newark. Opposite to the subject property is the pedestrianised entrance to the new 60,000 sq ft ASDA store and Bus Station. An entrance to Marks & Spencer is adjacent and retailers in the scheme include Newlook, Clarks Shoes, Brighthouse and Card Factory. The historic Market Square and prime Stodman Street are located close by, along with the St Marks Place NCP car park. Description Unit A – the unit occupies a prominent corner location and consists of ground floor retail and first floor ancillary. Unit B – Recently fitted out ground floor restaurant premises with an additional function room at first floor and further ancillary space.
Accommodation Unit A 34 Lombard Street Ground Floor Sales Ground Floor Ancillary First Floor Ancillary Total
sq m 75.23 21.02 66.17 162.42
sq ft 809 226 712 1,747
Unit B 19 St. Marks Lane sq m Ground Floor Retail / 107.82 Restaurant First Floor Function Area 43.67 First Floor Ancillary 20.45 Storage Total 171.94
sq ft 1,160 470 220 1,850
(Measurements are quoted on a Net Internal Area basis, in accordance with the RICS Code of Measuring Practice.)
EPC Unit A has an EPC rating of F 137 Unit B has an EPC rating of E 107
0115 924 3243 innes-england.com
Tenancy Schedule
NEW 24 HR ASDA STORE
Property
Tenant
Lease Start
Rent Review
Break
Rent
02/09/2011
Lease Expiry 01/09/2021
Unit A 34 Lombard Street Unit B 19 St. Marks Lane
Cheque Centres Ltd (SC167596)
02/09/2016
02/09/2016
£18,000
CC Restaurant & Catering Ltd (08237191)
05/02/2013
04/02/2038
05/02/2018 th & every 5 year
05/02/2018
£21,000
Total
£39,000
Notes 1. Cheque Centres Ltd currently trade from approximately 400 stores nationwide. 2. CC Restaurant & Catering Ltd guaranteed by G.M. Chummar & T.C.N. Kunnam. In addition a 3 month rental deposit is held. 3. Current rent passing on Unit B is £15,750, payable by CC Restaurant & Catering Ltd to increase to £21,000 pa on 13/11/2014 and £24,000 pa on 13/11/2015. Vendor will pay a top up rent to £21,000pa until 12/11/2014. Planning We understand that Unit A has consent for A2 (Retail) and Unit B has consent for A3 (Restaurant), under the Use Classes Order 1987.
PEDESTRIAN ENTRANCE TO ASDA FROM LOMBARD STREET
Business Rates Unit A Rateable Value Description
£13,750 Shop & Premises
Unit B Rateable Value Description
£21,500 Cafe & Premises
Price £500,000 to reflect a Net Initial Yield of 7.45% on an income of £39.000 per annum, and purchasers costs of 4.8% Value added tax The property is elected for VAT and therefore VAT is payable on the price paid, unless treated as a Transfer of a Going Concern (TOGC). NEWARK MARKET
Legal Costs Each party to bear their own legal costs incurred in the transactions. Viewing By appointment with the sole agents Innes England. Matthew Hannah M 07831 319801 E [email protected] STODMAN STREET
Ben Taylor M 07870 682050 E [email protected]
NEWARK BUS STATION
0115 924 3243 innes-england.com
This plan is published for convenience of identification. Any site boundaries shown are indicative only. © Crown copyright – License No. 100007643
Innes England for themselves and for vendors or lessors of the property whose agents they are, give notice that: (i) the particulars are set out as a general outline only for the guidance of intended purchasers or lessees and do not constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and
NOT TO SCALE
any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Innes England has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rentals and prices are quoted exclusive of VAT.
0115 924 3243 innes-england.com
