Next auction Thursday 20th June 2.30PM

The Clock Tower, 2 Bar Gate, Newark, Nottinghamshire, NG24 1ES



Sold
£225,000
Sold
£225,000
Sold
£225,000
Sold
£225,000
Sold
£225,000
Sold
£225,000
Sold
£225,000
Sold
£225,000
Sold
£225,000
Sold
£225,000
Sold
£225,000
Sold
£225,000
Guide price

£185,000+


Property Type

Investment


Key Features

  • An opportunity to acquire a freehold commercial investment property occupying a prominent main road location in the heart of Newark town centre
  • Fully let with a current rent reserved of £20,000 per annum.
  • A high yielding investment opportunity

Part of the 14 December 2023 auction
The Nottingham Racecourse at 2.30PM

An opportunity to acquire a freehold commercial investment property occupying a prominent main road location in the heart of Newark town centre, fully let with a current rent reserved of £20,000 per annum.

  • Prominently located on the eastern side of Bar Gate
  • Bar Gate is one of the main roads with high traffic flow
  • Busy position between Morrisons and Pizza Express
  • Close to Paxtons Court, a busy retail pitch into the centre
  • Morrisons provides 2 hours of free parking
  • A short walk from a large pay-and-display car park
  • Ground floor let to Papa John's (GB) Ltd at £14,000 pa
  • Comprising a well appointed servery area, kitchen to rear
  • Ground floor sales area approximately 757 sq ft
  • Self contained entrance to first floor offices from Bar Gate
  • Well presented offices with kitchenette/WC circa 860 sq ft
  • Includes the feature Clock Tower roof section
  • Please note VAT is not applicable to the rent or sale price

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 occupational tenancies. The ground floor is let to Papa John's (GB) Ltd on a 15 year lease from 30th October 2017 with a tenant only break option after 10 years, at a rent of £14,000 pa on effective full repairing and insuring terms, subject to a Schedule of Condition. The first floor offices are let to Natural Touch Limited (Cleaning company) on a three year effectively full repairing and insuring lease at a rent of £6,000 pa.

Refer to Legal Pack

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