1 Church Street, Newark NG24 1DT

For sale on 26 September 2024
The National Property Auction will be broadcast live on our website and open to remote bidding online, on the phone and by proxy. Registration for bidding will close at 5pm the day before the auction.
The auction will commence at 09:00.

A freehold former Public house located within the town centre offered with vacant possession upon completion.

The premises extends circa 13,678 sq.ft (1270sq m) and was formerly occupied by Wetherspoons. The property benefits from frontages on both Church Street and Queens Head Court. This provides a highly prominent location within the towns 'Royal Market' which is adjacent to the premises giving a substantial year long footfall within the vicinity.

The accommodation comprises to the ground floor two dining areas accessed from Church street and Queens Head Court. Beyond this is a raised Bar area with feature fire place and bar. Commercial kitchens with extraction, a Goods Lift, walk in refrigeration and storage rooms are all situated off the main Bar area along with stairs to the upper stories.

The first floor has multiple access points and can be accessed independently of the ground floor and comprises male and female WCs, along with two large function rooms with period features including ceiling roses overlooking the 'Royal Market'. We also noted a plant room with what appeared to be recently installed equipment in place.

We feel the premises could be split to offer separate first floor residential accommodation along with potentially two or three commercial units to the ground floor. All subject to appropriate planning consents.

Newark is a sizeable Market Town with a residential population of 25,000, together with a catchment area giving a population of 113,000 approximately. The area is placed reasonably centrally in the UK and is well placed for access to the A1 for commuting North and South. Newark is on the main East Coast railway line with regular railway services to London King's Cross with journey times just over 75 minutes.

Interested parties are advised to inspect the legal; pack for more information.

Tenure: Freehold

EPC Rating: B

Terms:
Auction Details:

The sale of this property will take place on the stated date by way of Auction Event and is being sold under and 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 fee apply:

• 10% deposit (subject to a minimum of £5,000)

• Buyers Fee of 1% of the purchase price (subject to a minimum of £1,500) 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.