Description
A parade of retail units forming part of the Beaumond Cross Retail Scheme. This unit is capable of accommodating a mezzanine to further increase the floor space.
The unit is finished off to a shell specification internally, ready to take a tenant shopfit, whilst externally the shopfront has been installed by the Landlord.
Full details on the unit’s specification is available on request. This specification also contains information on the service capacity for the unit.
EPC Rating: C56
LOCATION
The unit is situated adjacent to the town’s Asda Superstore and bus station, in a prominent central location on the corner of Lombard Street and Portland Street.
The town’s established prime retail pitch is located a short walk to the north and nearby retailers within the St Mark’s retail scheme directly opposite the site include New Look, Wilkos, Costa and Clarks Shoes.
In addition to the new Travelodge Hotel and Asda Superstore, other tenants within the scheme include Subway, Lloyds Pharmacy, Barnardo’s and Your Home, and the main town centre doctors’ surgery – The Lombard Medical Centre.
Newark is an expanding prosperous market town with a population of circa 35,000 and a large and affluent catchment within 20kms 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. The town enjoys above average retail space from within its catchment. (Source CACi Report 2013).
TENURE
The property is available on a new lease for a term of 5 years.
The lease will be drawn on the equivalent of Full Repairing and Insuring terms by way of a service charge for external maintenance and the upkeep of the common areas within the development.
RENT
The unit is available To Let on the basis of a stepped rent over a 5 year period:
Years 1 and 2: £35,000 per annum
Year 3: £40,000 per annum
Year 4: £45,000 per annum
Year 5: £50,000 per annum
The Landlord is prepared to discuss appropriate incentives, dependent upon each individual specific proposal.
town & country planning
We understand that the property has consent for uses falling within Class E (Commercial, Business & Services Uses) of the Town and Country Planning (Use Classes) Order 1987 (as amended).
Following changes to the Use Classes Order that came into effect on 1st September 2020, Class E now encompasses a number of uses including A1 (Shops), A2 (Professional & Financial Services), A3 (Restaurant & Café), B1 (Business) and D1 (Clinics, Health Centre, Creche and Day Nurseries).
VAT
VAT will be payable in addition to the rent at the prevailing rate.
LEGAL COSTS
Each party is to be responsible for their own legal costs incurred in documenting the transaction.