To LetTown Centre Retail Unit

Unit 5, Martindale Lane, Newark, Nottinghamshire, NG24 1XF

Description

The scheme sits adjacent to the Beaumond Cross Shopping Centre, a 100,000 sq ft extension to the existing Town Centre, retail offer. The scheme is anchored by an Asda Superstore.

Martindale Lane provides six retail units, five of which are now let. There is a locked communal toilet facility for the use of the occupiers of these units only.

On-site car parking is provided at Beaumond Cross for in excess of 400 cars.

EPC Rating: C53

LOCATION

Newark is an expanding and prosperous Nottinghamshire market town with a population of 37,082 (2011 Census). The catchment within 20km is 160,000. The town is strategically located at the junction of the A1, A46 and A17 and has excellent rail links into Kings Cross - travel time 1 hour 20 minutes.

The scheme is located off Lombard Street, within the heart of the Town Centre, close to the St Marks Shopping Centre. Martindale Lane forms one of the main links from St Marks and the Town Centre shopping areas to the Beaumond Cross scheme, which is anchored by an Asda Superstore.

TOWN AND COUNTRY PLANNING

We understand that the property has consent for uses falling within Class E (Commercial, Business and 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 Sepember 2020, Class E now encompasses a number of uses including A1 (Shops), A2 (Professional & Financial Services), A3 (Restaurant & Café), B1 (Business) and D2 (Assembly & Leisure).

SERVICES

Water and electricity are connected to the units. The units are supplied by a single water supply. The services have not been tested and interested parties should make their own enquiries of the relevant service providers.

RATES

Charging Authority:  Newark & Sherwood District Council
Description:  Shop and Premises
Rateable value:  £7,400
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.

Small Business Rate Relief may be available, please contact Newark & Sherwood District Council.

TENURE

The unit is available To Let by way of a tenant friendly ‘inclusive’ lease for a term of 1 year or longer if required, with rolling tenant only breaks.

The tenants are directly responsible for maintaining the interior and shop front and the Landlords the external repairs, which is picked up out of a service charge, which is included in the rent.

RENT

£7,500 per annum (£144.23 per week)

The rent is inclusive of service charge, buildings insurance, and water rates.

*Agents Note - In the event that a unit is let to an occupier with a high use of water, then their use will be weighted accordingly and the tenant will be required to install a sub meter.

VAT

VAT is applicable to the rent at the prevailing rate.

LEGAL COSTS

The ingoing lessee is to be responsible for all legal costs incurred in documenting the transaction.