42-46 Middle Gate, Newark, Nottinghamshire, NG24

Investment Consideration:
Rental Income: £28,500 p.a.
ERV: £103,500 p.a. GIY: 10.10%
VAT is NOT applicable to this property
Comprises 3 retail shops at ground floor and 8-bed HMO at first and second floor (newly converted in 2023/2024)
HMO includes 4 studios (3 en-suite) and 4 letting rooms, large communal kitchen and 2 communal bathrooms
Situated within 0.3 miles (7 min walk) from Newark Castle Station and 0.7 miles (15 min walk) from Newark Northgate Station, both providing regular train services to Nottingham City Centre, London King`s Cross, York, Newcastle, Hull and more
Newark Central Bus Station is located only 4 min walk away
Occupiers nearby include Halifax, Costa Coffee, Boots and more.

Property Description:
Comprises three-storey mid-terrace building arranged as a 3 retail shops at ground floor and 8-bed HMO at first and second floor, accessed via separate front entrance off Middle Gate. The HMO has been recently converted in 2023/24 to a high standard and includes 4 large studios (3 en-suite) and 4 letting rooms, as well as large communal kitchen, 2 communal bathrooms and bike storage, providing the following accommodation and dimensions:

No. 42 Ground Floor: Shop 31.5 sq m (339 sq ft)
No. 44 Ground Floor: Shop 43.5 sq m (469 sq ft)
No. 46 Ground Floor: Shop 36.9 sq m (397 sq ft)

No. 42-46 First Floor: HMO 79.2 sq m (852 sq ft)
Studio 1: 20.8 sq m (224 sq ft)
Room 2: 9.3 sq m (100 sq ft)
Room 3: 8.0 sq m (86 sq ft)
Studio 4: 18.6 sq m (200 sq ft)
Communal Kitchen: 19.0 sq m (205 sq ft)
Communal Bathroom: 3.5 sq m (38 sq ft)

No. 42-46 Second Floor: HMO 61.7 sq m (664 sq ft)
Studio 5: 21.8 sq m (235 sq ft)
Room 6: 8.0 sq m (86 sq ft)
Room 7: 8.5 sq m (91 sq ft)
Studio 8: 18.9 sq m (203 sq ft)
Communal Bathroom: 4.5 sq m (48 sq ft)

Total commercial area: 111.9 sq m (1,205 sq ft)
Total residential area: 140.9 sq m (1,516 sq ft)

Tenancy:
The ground floor shop at No. 42 is at present let to an Individual for a term of 15 years from 7th February 2022 at a current rent of £13,500 p.a. and the lease contains full repairing and insuring covenants. Open market upward only rent review in February 2032. No breaks. Deposit held of £6,625.
The ground floor shop at No. 44 is at present let to an Individual for a term of years from 25th March 2019 until 1st March 2026 at a current rent of £15,000 p.a. and the lease contains full repairing and insuring covenants. No breaks.
The retail shop at No. 46 is at present vacant. ERV: £15,000 p.a.
Studio 1 is at present vacant. ERV: £8,400 p.a.
Room 2 is at present vacant: ERV: £6,900 p.a.
Room 3 is at present vacant: ERV: £6,900 p.a.
Studio 4 is at present vacant. ERV: £7,800 p.a.
Studio 5 is at present vacant. ERV: £8,400 p.a.
Room 2 is at present vacant: ERV: £6,900 p.a.
Room 3 is at present vacant: ERV: £6,900 p.a.
Studio 8 is at present vacant. ERV: £7,800 p.a.

Location:
Newark is a market town located c. 47km to the east of Nottingham City Centre and 64km from to the south-east of Sheffield. The town comprises national and regional retailers and is regarded as an affluent town with several historical building. The property is located in the heart of the town centre, facing a pedestrianised precinct with occupiers nearby including Halifax, Town Hall Museum & Art Gallery, Costa Coffee, Boots and more. Situated within 0.3 miles (7 min walk) from Newark Castle Station and 0.7 miles (15 min walk) from Newark Northgate Station, both providing regular train services to Nottingham City Centre, London King`s Cross, York, Newcastle, Hull and more. Newark Central Bus Station is located only 4 min walk away