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News Release

Nottingham

Newark Water Tower Goes under the Hammer in the next Jones Lang LaSalle Auction


Nottingham, 23rd February 2012 – The Water Tower in Newark is available to buy via auction through commercial real estate firm Jones Lang LaSalle on Tuesday 6th March 2012.  The freehold detached four storey purpose built brick water tower sits on an “L” shaped site of about 0.15 hectares and is to be sold on behalf of the Mortgagees in Possession, at a guide price of £75,000.

Mat Harris, Director, Jones Lang LaSalle Auction Team, commented that, “With the historic Tower located in the thriving market town of Newark we are anticipating this lot to be very popular indeed.  Full planning consent (albeit now lapsed) was granted on 23 November 2007 for the proposed conversion and extension of the building to create a restaurant and bar, within the Fernwood residential development.”

Commenting on the market, Felix Rigg, Principal Auctioneer and Director at Jones Lang LaSalle, said: “The current market offers genuine opportunities for a buyer to acquire commercial property at reasonable prices.  From their perspective, I think it really is a question of making hay while the sun shines and with the green shoots of economic recovery already in sight.”

For the full property particulars and to view the auction catalogue please visit www.joneslanglasalle.com/property-auctions

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Notes to editors:
- Vacant possession
- The property fronts Goldstraw Lane, one of the main estate roads, opposite Rubys Walk, in the heart of the new Fernwood residential development. Fernwood is located on the outskirts of Balderton, about 2 miles south of Newark.
- Full planning consent was granted on 23 November 2007 for the proposed conversion and extension of the building to create a restaurant and bar (A3 & A4 Use) (ref: 07/01335/FULL). We understand that this planning permission has now lapsed.
- The Jones Lang LaSalle Auction is taking place at Le Meridian Hotel, 21 Piccadilly, London W1J 0BH, Tuesday 6th March.  For further information contact Mat Harris on +44 (0)20 7087 5496 or Felix Rigg on +44 (0)20 7087 542