50 Cartergate, Newark NG24 1UB | Property for sale | Savills
Guide price £120,000(HK$1,184,581)

50 CartergateNewark NG24 1UB

  • New
  • Sole agency
  • Freehold
Investment
Yield 8%Yield

Key features

  • Investment let at £12,000 p.a. (8.29% GIY on guide)
  • Current rent is £9,950 p.a.; vendor will top up rent to £12,000 pa until 2026
  • Comprising of retail space at ground floor and ancillary space at first floor
  • Let on a 10 year renewal lease from 2021
  • In occupation since 2016, Rent review - 29.01.26
  • Development potential to additional space and convert to residential dwelling
  • Asset management potential to increase the rent at next rent review/reversion
  • Located on a pedestrianised street
  • Small yard to the rear of the property with a car parking space

A freeholder mid terrace property comprising of retail space at ground floor and ancillary space at first floor, let on a 10 year lease from 2021.

About this property

  • A mid terrace property forming part of busy and established shopping parade and comprising of commercial space at ground floor and ancillary space at first floor. There is possible development potential to add additional space at first floor and convert to residential dwelling (subject to the existing lease and requisite consents) Nearby occupiers include Sports Direct, Argos, Cash convertors as well as a wide range of local & established independent retailers. The vendor will top up rent to £12,000 until 29.01.26 (rent review). No.50 is an identical property on the road that sold for £140,000 in 2021.

Local information

  • The property is located on the west side of Cartergate Street. Close to the junction with Beaumond Cross. Newark Northgate station is located an approx. 0.6 miles from the property
  • Newark Castle Station is located an approx. 0.5 miles from the property