Description
A landmark building providing purpose built commercial accommodation at ground floor, beneath a newly built 66-bedroom Travelodge Hotel.
The commercial units have been designed to accommodate a wide range of uses, with frontages to the newly completed pedestrian thoroughfare from the town centre to the Asda, and rear elevations looking onto the busy Lombard Street, therefore being highly visible at one of Newark’s most prominent and busiest junctions.
LOCATION
The premises are situated beneath the new 66-bed Travelodge Hotel and adjacent to Asda and the bus station, strategically located in a landmark building in one of Newark’s most prominent junction locations.
The completion of the new Travelodge Hotel and the three commercial units represents the final phase of the Beaumond Cross development, a scheme which is anchored by an Asda with over 400 free car parking spaces.
Beaumond Cross provides easy access into the established town centre.
Newark is an expanding prosperous market town with a population of around 35,000 and an affluent catchment within 20km of 160,000. The town is strategically located at the junction of the A1, A46 and A17 and has excellent direct rail links into Kings Cross - travel time 1 hour 20 minutes.
ACCOMMODATION
The accommodation provides a total of 895 sq m of space (9,634 sq ft) and is currently designed to be let as a whole, create two units or split into 3 units, as follows:
Unit A: 230 sq m (2,476 sq ft)
Unit B: 306 sq m (3,294 sq ft) UNDER OFFER
Unit C: 359 sq m (3,864 sq ft)
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Total: 895 sq m (9,634 sq ft)
HANDOVER SPECIFICATION
The units have been designed to a shell specification but will include shopfronts.
Subject to each specific proposal, the Landlord will be prepared to provide capital assistance with regard to the fit-out cost for each individual unit.
TOWN AND COUNTRY PLANNING
The property has consent for a wide variety of uses, falling within Class E (Commercial, Business & Services Uses) of the Town and Country Planning (Use Classes) Order 1987 (as amended).
The property is suitable for a wide range of commercial uses, including retail, showroom, health and fitness, restaurant, educational uses, health related uses including Clinics and Surgeries.
The Landlord will consider a wide variety of proposals based upon their specific merits.
RATES
Charging Authority: Newark & Sherwood DC
Rateable value: To be assessed upon occupation
TENURE
The units are available To Let on new leases for terms to be agreed.
The leases will be drawn on the equivalent of Full Repairing and Insuring terms by way of a service charge which will cover external maintenance and the upkeep of the common areas within the development.
Further details are available upon request.
RENT / TENANT INCENTIVE PACKAGES
The units are available on the basis of a rent calculated at a rent of £10.50 per sq ft based on the gross internal area of the space occupied.
As mentioned above, the Landlord is prepared to discuss appropriate rent free and capital incentive payments, dependent on each individual specific proposal.
VAT
VAT will be payable at the prevailing rate.
LEGAL COSTS
Each party is to be responsible for their own legal costs incurred in documenting the transaction.