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Retail premises for sale
3,430 sq. ft*
Not available Council tax band:
Strong Market Town
Two well proportioned retail units
2 residential apartments above
Let to Rymans and Cancer Research
Current Rental Income - £70,900 pax
Price - £675,000
Net Initial Yield - 9.98%
Retford is an attractive and busy market town with many Georgian buildings and a renowned French inspired Victorian Town Hall situated in the North of Nottinghamshire. The town serves a rich agricultural hinterland and lies 31 miles (49.8km) north of Nottingham, 24 (38.6km) east of Sheffield, 23 miles (37km) west of Lincoln and 10 miles (16 km) east of Worksop.
The town has a population of approximately 22,000 persons with a substantial catchment given its isolation from other towns. The A1 is only 3 miles from the town and the A620 trunk road provides efficient east/west travel.
Retford has a busy railway station and lies on the East Coast Mainline between London and Edinburgh. It also lies on the Lincoln line, connecting Lincoln and Sheffield.
Retailing in retford / situation
The prime retail is concentrated on the pedestrianised Carolgate, which is anchored to the north by Market Square and to the south by larger stores such as Wilkinsons, B&M and Home Bargains.
The Market Square hosts a bustling market 3 days per week as well as a monthly farmers market.
The subject property occupies a highly prominent prime location adjacent to M&Co and diagonally opposite Costa Coffee, with other retailers close by including Clarks, Greggs, Holland & Barrett, New Look and Savers.
A two storey property of traditional brick construction under a flat roof, comprising 2 retail units with well-proportioned ground floor sales accommodation.
At first floor there is a separate access leading to one 2-bed and one 3-bed apartment.
27 Carolgate is let to Cancer Research UK Ltd at a current rent of £23,000 per annum exclusive on a 10 year Fri lease from 30th March 2016, expiring 29th March 2026. The passing rent devalues to £40 Zone A.
29 Carolgate is let to Partners The Stationers Ltd t/a Ryman at a current rent of £35,000 per annum exclusive on a 10 year Fri lease from 6th July 2014, expiring 5th July 2024. The passing rent devalues to £40 Zone A.
The upper floors have been converted to form 2 apartments both let to individuals at a total rent of £12,900 per annum exclusive.
We are seeking offers in the region of £675,000 subject to contract and exclusive of VAT which equates to a net initial yield of 9.98%, allowing for the normal costs of acquisition.
The property is registered for VAT and a sale will therefore be treated as a togc.
For more information about this property, please contact Brackenridge Hanson Tate Limited, LS1 on +44 113 427 5856 * (local rate)
Contact Brackenridge Hanson Tate Limited about this property
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