For Sale / To LetTown Centre Retail Premises

32, Stodman Street, Newark, Nottinghamshire, NG24 1AW

Description

The property comprises a substantial return fronted two storey corner retail premises with attractive period frontage facing Stodman Street, the prime retail pitch of Newark town centre, and further retail entrances are provided off St Marks Place which in turn leads through to an Asda Superstore and multi-level car park.

The premises are currently in ‘white box’ condition and available for immediate occupation.

* The Landlord may consider a division of the premises to satisfy the individual retailers requirements

LOCATION

The property is situated in the 100% prime retailing location on Stodman Street, Newark surrounded by a large number of national retailers including Loungers, Boots, NatWest, Holland & Barrett, Fat Face, Vodafone, Costa Coffee and Greggs.

St Marks Place Shopping Centre is located adjacent and is home to retailers such as Wilko, WH Smith, Clarks Shoes, Clinton Cards, Poundland, Millets, New Look, Barclays and Santander and the NCP multi-storey car park.

Newark is an affluent market town situated alongside the A1 and East Coast Mainline with a resident population of circa 35,000 and a large and affluent catchment of circa 160,000 within approximately 12 miles. The town enjoys above average retail spend from within its catchment (source CACI report).

SERVICES

All mains services including gas, water, electricity and drainage are available and connected to the property. These have not been tested and interested parties are advised to make their own enquiries of the relevant service providers.

TOWN AND COUNTRY PLANNING

The current use of the property falls within Class A1 (Shops) of the Town & Country Planning (Use Classes) Order 1987 (as amended).

In the agent’s opinion the property may also be suitable for a variety of alternative uses, including A3 Restaurant and D2 Assembly & Leisure, subject to the receipt of necessary planning permission.

RATES

Charging Authority:  Newark & Sherwood District Council
Description:  Shop and Premises
Rateable value:  £226,000
UBR:  0.512
Period:  2020-2021

Multiplying the Rateable Value figure with the UBR multiplier gives the annual rates payable, excluding any transitional arrangements which may be applicable. For further information, please contact the Charging Authority.

TENURE

The property is available For Sale or To Let.

The Vendor will consider all proposals with regard to the redevelopment of the property either from developers or owner/occupiers.

Alternatively, the property is available to let on a new flexible tenant friendly lease for a term to be agreed.

VAT

VAT will be charged in additional to the rental at the prevailing rate.

LEGAL COSTS

Each party is to be responsible for their own legal costs incurred in documenting the transaction.