Est. Mortgage £1,415 per month
The property is situated on Appleton Gate in the centre market town of Newark, a thriving town with an excellent range of facilities, including national and local retailers, a fine Georgian market place, banks, supermarkets, restaurants, bars and cafe's.
The property is within easy walking distance of all of these in addition to public car parks. The immediate area surrounding the subject property is located within the town centre Conservation Area and comprises a mix of predominantly period buildings including the Mary Magdelene parish church, the popular Fox and Crown pub, The Palace Theatre and a number of High Street shops. With the market place less than 50 metres distance.
Transport Links - Newark is a sizeable market town with a residential population of 24,000, together with a catchment area with a population of 113,000. The area is placed reasonably centrally in the UK and is well placed for access to the A1 for commuting north to Retford (14 miles), Workshop (20 miles) and Doncaster (30 miles) and south to Grantham (14 miles), Stamford (45 miles) and Peterborough (57 miles). The A1 is only two miles from the site and the A46 approximately 1.5 miles distant. Northgate railway station is approximately half a mile away and has a regular and frequent main line service to London Kings Cross with a usual journey time of 75 minutes.
The Property - 8 Appleton Gate comprises a Grade II Listed three storey building with brick elevations beneath a pitched tiled roof with original sash windows to the front elevation which comprises 5 flats arranged over three floors. An archway provides access to three car parking spaces included in the sale which are currently let to a nearby local business.
Flat 1 - Located to the rear of the building with it's own access from the car park, a one bedroom ground floor flat comprising 496 sq.ft (46 sq.m) of accommodation, which in more detail comprises as follows:
Entrance Hallway -
Kitchen - 3.5m x 2m (11'5" x 6'6") - With a range of base cupboards, tiled floor, single drainer sink unit, four ring hob.
Living Room - 3.2m x 4.7m (10'5" x 15'5") - With carpet floor and emulsioned walls.
Bedroom - 2.6m x 4.6m (8'6" x 15'1") - With carpet floor and emulsion walls.
Bathroom - 2.2m x 3m (7'2" x 9'10") - With bath and electric shower over, spotlights, WC and wash hand basin.
Flat 2 - A one bedroom flat located to the front of the building comprising approximately 593 sq.ft (55 sq.m). It has access from a shared lobby on the ground floor leading to:
Entrance Hall -
Living Room - 4.2m (ave) x 5m (ave) (13'9" (ave) x 16'4" (ave)) - Located to the front of the property with two sash windows, carpet floor and emulsioned walls.
Kitchen Diner - 2.5m (ave) x 4.5m (ave) (8'2" (ave) x 14'9" (ave)) - Comprising a range of base cupboards, single drainer sink unit, extractor and space for oven, plumbing for washing machine and tiled splashbacks and wood vinyl floor.
Bedroom - 3.4m x 3.6m (11'1" x 11'9") - With carpet floor and emulsioned walls.
Bathroom - 1.5m x 3.5m (4'11" x 11'5") - With fully tiled walls and tiled floor, large walk-in shower with electric shower, WC and wash hand basin and a heated towel rail.
Flat 3 - A two bedroom duplex flat extending to approximately 743 sq.ft (69 sq.m). The flat is located to the rear of the building on the second and third floor. The accommodation in more detail comprises as follows:
Entrance Lobby - Leading to the living room.
Living Room - 4.2m x 3m (13'9" x 9'10") - Carpeted floor and emulsioned walls.
Bathroom - 1.4m x 2.7m (4'7" x 8'10") - Recently refurbished with wood vinly floor. Bath with electric shower over, wc, wash hand basin and part tiled walls.
Kitchen Diner - 6m x 3.2m (19'8" x 10'5") - Fitted with base units, fully tiled walls and wood vinyl floor with space for white good appliances.
Hall - Stairs lead up to the second floor.
Bedroom One - 3m x 4.3m (9'10" x 14'1") - With carpet floor and emulsioned walls.
Bedroom Two - 2.7m x 2.2m (8'10" x 7'2") - With carpet floor and emulsioned walls.
Flat 4 - A large two bedroom flat extending to 625 sq.ft (58 sq.m) located on the first floor at the front of the building. The accommodation in more detail comprises as follows:
Entrance Hall - Leads to the:
Living Room - 4.1m (ave) x 4m (ave) (13'5" (ave) x 13'1" (ave)) - With three sash windows located to the front elevation and original cast iron fireplace, carpet floor and painted emulsioned walls.
Kitchen Diner - 3.5m x 4m (11'5" x 13'1") - A range of base cupboards and built-in oven with four ring hob, tiled splashback, plumbing for washing machine and space for white goods.
Bedroom One - 5.3m x 2.5m (17'4" x 8'2") - With two sash windows to the front elevation with views overlooking the Parish Church, with carpet floor and emulsioned walls.
Bathroom - 3.5m x 1.5m (11'5" x 4'11") - Having bath with shower over, wc and wash hand basin.
Bedroom Two -
Flat 5 - A one bedroom flat providing approximately 646 sq.ft (60 sq.m) located on the second floor. An entrance lobby provides access to the:
Living Room - 4.8m x 4m (15'8" x 13'1") - Located to the front of the building With one sash window to the front elevation, carpet floor and emulsioned walls.
Kitchen Dining Room - 3.5m x 4m (11'5" x 13'1") - With a range of base cupboards, part tiled walls, space for white good appliances.
Bedroom One - 4.1m x 4.5m (13'5" x 14'9") - With carpet floor and emulsioned walls. Large walk in wardrobe cupboard off the bedroom.
Bathroom - 1.4m x 3.5m (4'7" x 11'5") - Bath, wc and wash hand basin.
Outside - The property has an archway leading from Appleton Gate providing vehicular access down the side of the property leading to a courtyard area, which has three car parking spaces which are currently let separately to a local business.
Tenure - The property is freehold.
All of the flats are occupied under Assured Shorthold Tenancies and the rents are as follows:
Flat 1 £360 per calendar month
Flat 2 £410 per calendar month
Flat 3 £395 per calendar month
Flat 4 £420 per calendar month
Flat 5 £365 per calenndar month
There are three car parking spaces to the rear courtyard which are currently let to EMPM for 4 years from the 4th September 2020 at a rent of £120 per calendar month.
The gross rental income is £24,840 per annum.
Planning - The property is Grade II listed and situated within the town centre Conservation Area. Potential purchasers should contact Newark & Sherwood District Council direct with regard to any material changes of use.
Services - The property is connected to mains water, electricity and drainage. All of the flats have electric heating. The vast majority of windows have some form of double glazing. All flats have an individual EPC.
Council Tax - All flats are in band A for council tax purposes.
Legal Costs - Each legal party is to pay their own legal costs incurred in this transaction.
Viewing - Strictly by appointment with the selling agents. For more information please contact Kirsty Keeton: [use Contact Agent Button]
Note:- - * The photos were taken the last time each flat was vacant and may be subject to minor alteration.
* The vendor will retain a right of way up the archway for vehicular access to the detached house beyond the car park known as "The Stable". It is the intention of the vendor to sell this property at a later date in another tax year and the vendor will be happy to offer the purchaser first option to buy should he wish.
It is the intention of the vendor to sell this property as a buy to let going concern. As such all carpets curtains and white goods are included with more details of these being made available on legal enquiry.
Property first listed: Over a month ago
The Est. Mortgage is for a 25 years repayment mortgage based on a 10% deposit and a 1.9% annual interest. It is only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.