Castle Gate, Newark

Asking price £2,400,000

Massive mixed use Leisure and potentially retail space in the centre of Newark, ideal opportunity and hugely supportive vendors.

  • ERV £235,000 p/a

Property Details

  • Reference: F291122K
  • Type: Leisure
  • Status: For Sale

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.

The purpose built Castlegate Centre has established itself as a premier leisure location within Newark; occupiers including Perys 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. There is a huge open plan restaurant on the first floor which is circa 8000 sqf which is currently unoccupied.

Located in the town centre of Newark, within close proximity to local shops and offices, close to Newark railway station. Good road links the the A1 motorway and the A46, connecting Nottingham and Lincoln.

All mains services are connected to the property, these services have not been tested by the agent.

FREEHOLD £2,400,000 (VAT to be confirmed).
Estimated Rental Value £235,000 p/a
On completion a Rent Guarantee will be instigated to last 24 months. Should the ERV be below the £235,000 per quarter, the deficit will be met by the guarantee (conditions apply).

VAT may be applicable.

Each side to pay their own costs.

Strictly by appointment with the vendors sole selling agents. Tel: 01780 435072 Email You are recommended to contact us in the first instance prior to visiting the property even for an informal viewing.

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