Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Charity Trustees
Property Information
Location
Miles
20 miles north-east of Nottingham, 18 miles south-west of Lincoln, 138 miles north of London
Roads
A1, A17, A46, A617
Rail
Newark North Gate Railway Station (1hr 13 mins to London)
Air
East Midlands and Robin Hood Doncaster Sheffield Airports
Situation
Newark-on-Trent, with a population of 25,000, is an attractive market town popular with commuters, being located 20 miles from Nottingham City Centre. The property is situated in a prominent corner position fronting the busy pedestrianised Market Place where markets have taken place since 1156 AD. It also benefits from a return frontage to Stodman Street. Nearby occupiers include Marks & Spencer, Boots the Chemist, WH Smith, Superdrug, Costa, JD Wetherspoon and the main High Street banks.
Tenure
Freehold.
Location
Miles
20 miles north-east of Nottingham, 18 miles south-west of Lincoln, 138 miles north of London
Roads
A1, A17, A46, A617
Rail
Newark North Gate Railway Station (1hr 13 mins to London)
Air
East Midlands and Robin Hood Doncaster Sheffield Airports
Situation
Newark-on-Trent, with a population of 25,000, is an attractive market town popular with commuters, being located 20 miles from Nottingham City Centre. The property is situated in a prominent corner position fronting the busy pedestrianised Market Place where markets have taken place since 1156 AD. It also benefits from a return frontage to Stodman Street. Nearby occupiers include Marks & Spencer, Boots the Chemist, WH Smith, Superdrug, Costa, JD Wetherspoon and the main High Street banks.
Tenure
Freehold.
Description
The property comprises a ground floor banking hall with ancillary accommodation in the basement and on the first floor. The second and third floors comprise self-contained residential accommodation accessed from Market Place. There is an electricity sub-station on site.
Six Week Completion
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is not applicable to this lot.
Viewings
There will be a single block viewing for this property. All interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Email will.moore@acuitus.co.uk
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor banking hall with ancillary accommodation in the basement and on the first floor. The second and third floors comprise self-contained residential accommodation accessed from Market Place. There is an electricity sub-station on site.
Six Week Completion
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is not applicable to this lot.
Viewings
There will be a single block viewing for this property. All interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Email will.moore@acuitus.co.uk
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Basement Ground First
Ancillary Banking Hall/Ancillary Ancillary
96.34 sq m 230.11 sq m 158.58 sq m
(1,037 sq ft) (2,477 sq ft) (1,707 sq ft)
NATIONAL WESTMINSTER BANK PLC (1)
22 years from 13/12/2006 until 11/12/2028 on a full repairing and insuring lease (2)
£68,000
11/12/2021 (3)
Second & Third
Residential
Not Measured
INDIVIDUALS
125 years from 27/05/2014
£250
25 yearly fixed increases (4)
Total Commercial Area
485.03 sq m
(5,221 sq ft)
£68,250
(1) National Westminster Bank is a wholly owned subsidiary of Royal Bank of Scotland plc, who have a market capitalisation of £43bn and are 81% owned by HM Government. (Source: www.natwest.com & www.rbs.com) (2) There is a service charge cap rising annually in line with RPI. (3) The rent is reviewed to the higher of Open Market Rental Value or a fixed increase of 3.75%. (4) In May 2039 the rent will increase to £500 p.a.x., in May 2064 the rent will increase to £1,000 p.a.x, in May 2089 the rent will increase to £1,500 p.a.x and in May 2114 the rent will increase to £2,000 p.a.x.
Contacts
Seller's Solicitors
Shepherd and Wedderburn LLP Condor House, 10 St. Paul's Churchyard London EC4M 8AL
