Bar/Nightclub
A freehold former Public house located within the town centre offered with vacant possession upon completion.
The premises extends circa 13,678 sq.ft (1270sq m) and was formerly occupied by Wetherspoons. The property benefits from frontages on both Church Street and Queens Head Court. This provides a highly prominent location within the towns 'Royal Market' which is adjacent to the premises giving a substantial year long footfall within the vicinity.
The accommodation comprises to the ground floor two dining areas accessed from Church street and Queens Head Court. Beyond this is a raised Bar area with feature fire place and bar. Commercial kitchens with extraction, a Goods Lift, walk in refrigeration and storage rooms are all situated off the main Bar area along with stairs to the upper stories.
The first floor has multiple access points and can be accessed independently of the ground floor and comprises male and female WCs, along with two large function rooms with period features including ceiling roses overlooking the 'Royal Market'. We also noted a plant room with what appeared to be recently installed equipment in place.
We feel the premises could be split to offer separate first floor residential accommodation along with potentially two or three commercial units to the ground floor. All subject to appropriate planning consents.
Newark is a sizeable Market Town with a residential population of 25,000, together with a catchment area giving a population of 113,000 approximately. The area is placed reasonably centrally in the UK and is well placed for access to the A1 for commuting North and South. Newark is on the main East Coast railway line with regular railway services to London King's Cross with journey times just over 75 minutes.
Interested parties are advised to inspect the legal; pack for more information.
The property is a listed building. Additionally, the seller has exercised its option to tax. There are also planning matters detailed in the legal pack. Please refer to the document titled: ‘A9 Replies to CPSE 1 Enquiries’ included within the legal pack, clauses 19.6, 29.3, and 12.14 for relevant details. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid, as this will be binding.
Completion will take place 28 days after exchange. Please refer to the legal pack.
A Summary of Fees form has not been provided by the seller's lawyer and buyers are referred to the additional fees payable as set out within the special conditions of sale. These are additional to the sums specified in the paragraph ‘Auction Deposit and Fees’ set out in our marketing. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
Freehold. Vacant possession upon completion.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold under and Unconditional sale type.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyers Fee of 1% of the purchase price inc. VAT
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
