Retail premises for sale in Carolgate, Retford DN22

Offers in region of £675,000 (£196.79/sq. ft)
Interested in this property? Call +44 113 427 5856 * or Request Details

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Retail premises for sale 3,430 sq. ft*
Tenure: Not available Council tax band: Not available

Property features

  • Strong Market Town
  • Prime Location
  • 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%

Property description

Location


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.


Description


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.


Tenure


Freehold.


Tenancy


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.


Price


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.


VAT


The property is registered for VAT and a sale will therefore be treated as a togc.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Brackenridge Hanson Tate Limited, LS1 on +44 113 427 5856 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Brackenridge Hanson Tate Limited, and do not constitute property particulars. Please contact Brackenridge Hanson Tate Limited for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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