33-36 Stodman St
Newark NG24 1AW
Retail Property For Sale
·
31,525 SF
INVESTMENT HIGHLIGHTS
- Ground floor let to Bodycare 521.44m² (5,613ft²)
- Yield of 7%
- Unexpired term of 8 years no breaks, expiring 2030
EXECUTIVE SUMMARY
Retail investment for sale with potential to develop the upper parts for residential purposes. This property occupies a prime trading position within the town centre.
PROPERTY FACTS
| Unit Size | 5,613 SF |
| No. Units | 1 |
| Total Building Size | 31,525 SF |
| Property Type | Retail (Unit) |
| Property Subtype | Storefront Retail/Residential |
| Sale Type | Investment |
| Building Class | B |
| Number of Floors | 3 |
| Typical Floor Size | 20,560 SF |
| Year Built | 1950 |
| Lot Size | 0.92 AC |
1 UNIT AVAILABLE
Unit 36
| Unit Size | 5,613 SF |
| Unit Use | Retail |
| Sale Type | Investment |
| Tenure | Freehold |
| Net Initial Yield | 7.00% |
| NOI | £52,500 |
DESCRIPTION
Ground floor let to Bodycare 521.44m² (5,613ft²)
Vacant upper floors 477.08m² (5,135ft²)
The property comprises substantial premises with accommodation arranged over ground, first and second floors. The premises have a main frontage to Stodman
Street and rear servicing from Lombard Street. The ground floor provides a spacious retail area with accommodation measuring approximately 521.44m²
(5,613ft²). The ground floor is let to Bodycare in its entirety on effectively full repairing and insuring terms.
The upper floors are currently vacant and have their own access at the rear of the property accessed from Lombard Street. The upper floors may be suitable for alternative uses including residential conversion (subject to planning permission) where there is currently good demand for esidential apartments within Newark town centre.
SALE NOTES
Ground floor let to Bodycare at £60,000 pax, unexpired term of 8 years no breaks, expiring 2030
Offers invited at £800,000 to show 7% net of costs.
Investment Evidence
In May 2022 11a Stodman Street was sold at a figure of £525,000 to show a yield of 7.87%.
11 Bridge Street was sold as a sale and lease back for £252,500 showing a net yield of 7.1%.
Premises on Middle Gate/Castle Gate, let to the Yorkshire Trading Company, was sold earlier in 2022 at a figure of £790,000 which shows an initial yield of 8.26% after allowance for costs.
36 Middle Gate has been sold for a figure of £275,000 showing an initial yield of 7.29% rising to 8.24%.
Interior
Interior
Interior
Interior
