Auction House / Wales
  • For Sale By Unconditional Online Auction
  • Guide Price* : £149,000
  • Auction Ended 14/11/2023
  • Lot 8

7-8 Commercial Street, Newport, Newport, NP20 1HE

For Sale via National Online Auction. Register to Bid!

Description

Bidding opens Monday 13th November 2023 at 13:00 and closes Tuesday 14th November 2023 at 13:00.

City Centre Investment/Potential Development Opportunity

An opportunity to acquire a substantial Grade II listed 11,523 sqft/1,070.49 Sqm building on the pedestrianised section of the main high retail street alongside a number of National and local retailers. The property provides an attractive investment opportunity currently generating £11,500 per annum through the ground floor being leased by the tenant at £10,000 per annum with the upper three floors generating £1,500 per annum and let on a long lease to Sports Direct.Com Retail Ltd.
In our opinion, there are a number of future redevelopment options subject to contract and planning. We understand that Sports Direct have a lease on the upper floors but are not in occupation and therefore may be an option to acquire the return of the long lease from them.
The unit sits in a prominent position within close proximity to the junction of Commercial Street and Stow Hill. New developments in the vicinity have included Newport Food Market, Mercure Hotel and the Chartist Tower conversion to residential apartments.

Accommodation Ground Floor (Advised Approximately 251.85sqm/2,711 sqft)

First Floor (Advised Approximately 407.09sqm/4382sqft)

Second Floor (Advised Approximately 411.55sqm/4430 sqft)

Third Floor (No measurements available)

(measurements provided by a third party and would advise any interested parties to carry out their own measurements)
Tenancies Currently generating £11,500 per annum (pleas confirm further lease details held within the legal pack).
Viewing Schedule / Further Information Auction House Wales 02920 475184
Tenure Freehold
VAT VAT is payable on this purchase of this property.

Tenure: Freehold

Important Notice to Prospective Buyers

We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.

Administration Charge

1.2% inc VAT of the purchase price, subject to a minimum of £1200 inc VAT, payable on exchange of contracts.

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* Guide | £149,000
  • Unconditional (Immediate Exchange)

Call the team on 02920 475184 for more information

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Unconditional Sale Terms & Conditions
Finance available on this property
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Note

  1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
  2. General : While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
  3. Measurements: These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.
  4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
  5. THESE PARTICULARS ARE ISSUED IN GOOD FAITH BUT DO NOT CONSTITUTE REPRESENTATIONS OF FACT OR FORM PART OF ANY OFFER OR CONTRACT. THE MATTERS REFERRED TO IN THESE PARTICULARS SHOULD BE INDEPENDENTLY VERIFIED BY PROSPECTIVE BUYERS OR TENANTS. NEITHER AUCTION HOUSE NOR ANY OF ITS EMPLOYEES OR AGENTS HAS ANY AUTHORITY TO MAKE OR GIVE ANY REPRESENTATION OR WARRANTY WHATEVER IN RELATION TO THIS PROPERTY.