12 – 14 MIDDLEGATE, NEWARK, NOTTINGHAMSHIRE, NG24 1AG

Investment News

FHP Property Consultants are pleased to announce the completion of the sale of 12 – 14 Middlegate, Newark, Nottinghamshire.  Acting on behalf of Derry Properties we were able to secure a private purchaser for this well let investment in a relatively short marketing period.

The property was acquired by Derry Properties a little while ago and let to Newton and Derry Limited, an expanding estate agency, the guarantor was provided by Newton Fallowell Limited.

In recent years the tenant profile of Middlegate has considerably improved with lettings to Fat Face, Country Casuals, Phase 8 and Roman Originals to name a few. 

The property was let on a full repairing and insuring lease at a rent of £40,000 per annum expiring in December 2024 with reviews in 2014 and 2019 at a rent of £40,000 per annum.

The purchase price agreed was £425,000 which shows a yield of 8.98% after costs.  The purchaser is a well-known Newark business man.

Noel Roper and Steve Gillott, who acted on behalf of Derry Properties, commented:-

“We were delighted to be able to secure the sale of this well let investment after a relatively short period of marketing.  As mentioned above the profile of Middlegate in retailing terms has considerably enhanced in recent years and more importantly a further 2,500 houses are schedule to be built within the Newark area over the next few years thus expanding the catchment area for the retail centre of the town which this property will serve”.

END

Noel D. Roper