The Castlegate Centre, 69, Castle Gate

Newark, Nottinghamshire NG24 1BE

£47,500 per annum

LOCATION

The historic market town of Newark, with a catchment of over 150,000, is located approximately 16 miles south west of Lincoln, 17 miles north east of Nottingham and 13 miles north west of Grantham. The town is located at the junction of the A1, A46 and A17 and is situated on the East Coast Main Line railway. It is well known for its market, which is surrounded by attractive Georgian buildings. This, coupled with its Castle and strong reputation for antiques and antiquities, ensures it is popular with both residents and visitors.

The Castlegate Centre occupies a prominent corner position at the junction of Castle Gate and Lombard Street in the heart of the town centre. Castle Gate forms part of Newark's established restaurant, café and bar circuit and is home to many good quality regional and national operators including Pizza Express and Zizzi. The Centre is close to the new Asda and bus station development which has created a new and vibrant hub of activity in the area. This development has further increased parking within walking distance of the Castlegate Centre.

DESCRIPTION

The purpose built Castlegate Centre has established itself as a premier leisure location within Newark; occupiers including Riva Bingo, UK Superbowl, Anytime Fitness and The Atrium Café Bar. A ground floor unit within the scheme has recently been taken by the owners of the Everest Inn Group of restaurants which serves high quality Nepalese food.

The available unit is situated on the first floor of the centre, accessed through the main entrance via stairs or a lift. The unit is currently arranged and fitted out as a Chinese restaurant.

ACCOMMODATION

Measured on a net internal area basis the unit provides the following accommodation:

Restaurant - 6,055 sq ft (562.5 sq m)
Kitchen - 1,291 sq ft (119.9 sq m)
Storage - 207 sq ft (19.2 sq m)
Office - 155 sq ft (14.4 sq m)
Male & Female WCs

Total - 7,708 sq ft (716.0 sq m)

PLANNING

We understand that the premises have planning consent for use as a restaurant within Class A3 of the Town and Country Planning (Use Classes) Order 1987 (as amended). The premises are however suitable for a variety of alternative uses such as office, leisure or bar, subject to gaining planning consent for change of use. Interested parties should make their own enquiries to Newark & Sherwood District Council Planning Department (01636 650000).

TERMS

Available to let by way of a new effective full repairing and insuring lease for a term to be agreed.

GUIDE RENT

£47,500 per annum exclusive.

TRADE EQUIPMENT, FIXTURES AND FITTINGS

Available by separate negotiation. Further details upon request.

SERVICE CHARGE

A service charge will be payable to cover the external repairs in addition to the staffing, maintenance and repair of common parts. Further details are available upon request.

BUSINESS RATES

According to the Valuation Office Agency the property is entered on the 2017 Rating List as restaurant and premises with a rateable value of £58,000. The multiplier for 2017/18 is 47.9p in the £. Business rates payable for 2017/18 therefore £27,782.

VAT

We understand that VAT will be applicable to the rent and service charge.

EPC

D89. The front page of the energy performance certificate can be found at the end of these particulars. The full EPC and Recommendation Report are available to interested parties upon request.

AGENTS

For further information or to arrange a viewing please contact sole agents:

Andrew France BSc (Hons) MRICS
01522 504319 07795 657792
andrewfrance@jhwalter.co.uk

John Elliott BSc (Hons) MRICS ACIArb MNAVA
01522 504304
johnelliott@jhwalter.co.uk

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