Mixed Use
A freehold mid terraced building arranged over three stories, consisting of four residential dwellings along with a commercial unit. Current gross income £34,800 per annum with scope to increase in line with market rents.
The ground floor comprises a commercial property with current rent passing of £10,800 per annum.
The first and second stories comprises of four one bedroom residential apartments held on AST agreements.
Newark-on-Trent is an attractive market town, situated 17 miles north-east of Nottingham and 16 miles south-west of Lincoln. The town is located at the junction of the A1 and A46 dual carriageways giving good access in both north to south and east to west directions.
The property is situated on the southern side of Carter Gate which is a pedestrianised street in Newark town centre close to Market Place.
Carter Gate leads south towards Portland Street (B6166) which acts as a major thoroughfare through Newark and leads further south to the A46.
Occupiers close by include Oxfam, Argos and Sports Direct amongst others.
VAT is applicable to this lot. We believe to the commercial aspect only. Interested parties are advised to inspect the legal pack for more information.
The shop front is now a gift shop, not a pet shop as in the illustration. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
These sales details are awaiting vendor approval.
Freehold. Subject to tenancy.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold under an Unconditional sale type.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 3.6% of the purchase price (subject to a minimum of £5,000 inc. VAT).
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will 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. A full definition can be found within the Buyers Terms.
