Block of Apartments in Newark on Trent

Flats 1 - 6 Bargate Cottages, Bar Gate, Newark on Trent NG24 1ES
  • Lot No: 35
  • Property Type: Block of Apartments
  • Contract Type: Unconditional with Fixed Fee

Guide Price* £295,000+ plus fees

Result Sold at Auction £325,000

Property Description

A block of 6 freehold investment apartments offering a fantastic rental income of £35,460 a year. The Bargate Cottages are steeped in history, character and occupy an enviable corner location in the fabulous market town of Newark. The property is fully occupied as it has been for a number of years. Bargate Cottages offer a fantastic opportunity to generate a great income, return and yield. Any serious landlords looking for a great return need to register to bid in the upcoming auction, with a yield 12% against the guide price of £295k we anticipate great interest. Newark is a picturesque town steeped in history. The ruins of Newark Castle have had a huge influence on the unique character of the town. Though the current remains were built in the early 12th century, there has been a castle on the site since 1068. Newarks market place is overlooked by the Georgian Town Hall. The town has become famous for its six annual antiques fairs, held at Newark County Showground, other attractions near the town include the Newark Air Museum – home to 65 aircraft and cockpit sections. Its also home to the National Civil War Centre.

The block of apartments consists of:

4 x two bedroom apartments, and 2 x one bedroom apartments.


Note

Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.


Tenure

Freehold

Auction Details: The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee. 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 auctioneer’s fee apply: • 10% deposit (subject to a minimum of £5,000) • Buyer’s Fee of £1,500 inc. VAT The Buyer’s 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 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.

Auction Details

Date 28th September 2023

Venue National Property Auction
The National Property Auction will be broadcast live on our website and open to remote bidding online, on the phone and by proxy. Registration for bidding will close at 5pm the day before the auction.

Lot Information

Contact Us

If you have any questions, call our team on 0800 046 5454

Map

Flats 1 - 6 Bargate Cottages, Bar Gate, Newark on Trent NG24 1ES