Next auction Thursday 20th June 2.30PM

Richardson House, Sherwood Avenue, Newark on Trent, Nottinghamshire, NG24 1QF



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Guide price

£295,000+


Property Type

Investment


Key Features

  • An opportunity to acquire a mixed retail and office investment property comprising three units.
  • Total current rent reserved £32,735 pax
  • Located in the heart of Newark Town Centre.

Part of the 26 October 2023 auction
The Nottingham Racecourse at 2.30PM

An opportunity to acquire a mixed retail and office investment property comprising three units, located in the heart of Newark Town Centre. Total current rent reserved £32,885 pax

  • Fronting Sherwood Avenue to the south of the Town Centre
  • Benefits from a good sized car park & loading bay
  • Off London Road giving access to the A1 at Balderton
  • A short walk from the Market Place & retail centre
  • Comprising three units, each with allocated parking
  • Unit 1 - retail/warehouse (3,314 sq ft)
  • Let at £13,885 pax
  • Unit 2 - retail warehouse unit (2,832 sq ft)
  • Let at £11,500 pax
  • Unit 3 - office accommodation (805 sq ft)
  • Let at £7,500 pax (rising to £8,000 pax)
  • There is a sub-station let to Western Power
  • Mains water, electricity & drainage are connected
  • An ideal investment opportunity

Contact Auction Estates on (0115) 7844 600

Fees

A buyer's premium of £1,440 inc VAT (£720 inc VAT if the sale price is less than £10,000) is applicable to each lot purchased. The Seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the Special Conditions of sale. Buyers are deemed to bid in full knowledge of this.

Guide Prices and Reserve Prices

Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, would ordinarily be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction.

Conditions of Sale

The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers seven days prior to sale and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to 11.30 am. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.

The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.

Freehold subject to the existing tenancies: Unit 1 - Wheatcroft Flooring (7 years to July 2024 at £13,885 pax) Unit 2 - Direct Furniture (7 years to July 2024 at £11,500 pax) Unit 3 - Trisec Ltd (5 years to August 2028 at £7,500 pax - rising to £8,000 pax)

Email: james.spittlehouse@knightsplc.com
Telephone: 01522 506117

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