NG Chartered Surveyors brews up a deal in Newark
13th August 2014
Acting on behalf of GW Price Limited, commercial property specialists NG Chartered Surveyors has bought one of the most iconic buildings in Nottinghamshire – the Grade II Listed, Ossington Coffee House, in Newark.
Currently, the majority of the Ossington is let to the national restaurant chain, Zizzi’s, on a long term deal, along with nine residential units and a small shop, trading as Baxters; a gift and ladieswear shop.
Jonathon Seddon of NG Chartered Surveyors, who brokered the deal, said: “Opportunities like this are few and far between and we’re delighted to have completed this deal for GW Price, seeing off strong interest in the process.
“Newark’s retail and restaurant scene is vibrant and is attracting serious investment, as we’ve recently seen with Topland’s acquisition of the St Mark’s Shopping Centre.
“NG’s local knowledge came to the fore in this deal. Our clients were seeking a building that was well let, but of equal importance was that they wanted a building of substance, as they already own other Listed Buildings. The Ossington provides that in spades.”
Ossington Coffee House dates from 1881, when Charlotte, Viscountess Ossington, proposed a new cafe or “Coffee Tavern” in Newark. It was built close to the River Trent, opposite the Castle and cattle market, on land purchased from the Handley family. The purpose of the coffee house was “to promote the cause of temperance therein” and hopefully lure farmers away from the town’s public houses.
The building has had many uses: a coffee house, stables, hotel and a base for military personnel during both World Wars; evidence of which is still visible. The coffee house closed in 1978, and today Zizzi runs it as a successful restaurant operation from the building.
Antonia Gardner from law firm Geldards acted for George William Price. She said: “I have worked with this client since 2008. Familiarity with their business and drivers means I am aware of their commercial stance on various aspects of an acquisition such as this, which streamlines the process. I was able to tailor my advice on the acquisition of this mixed-use building, which included tenants’ rights of first refusal and an assessment of the terms of occupation of the commercial tenants, according to the client’s investment strategy.”
Michael Price at GW Price said: “Ossington Coffee House was attractive to us because of the long lease and financial strength of the tenant. It is now our intention to maintain this historically important building so that it can be continue to be an attractive commercial proposition going forward.
“It is always a pleasure dealing with NG. GW Price has been dealing with the company for over 25 years, and Jonathon Seddon is proving to be our best contact yet.”