Industrial for sale in 7-8 Commercial Street, Newport, Newport NP20

For sale by online auction on Tuesday, 14 Nov 2023 ending at 13:18

For Sale via National Online Auction. Register to Bid!

Bidding opens Monday 13th November 2023 at 13:00 and closes Tuesday 14th November 2023 at 13:00.City Centre Investment/Potential Development OpportunityAn 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 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 Tenure FreeholdVAT VAT is payable on this purchase of this property.Tenure: Freehold

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

Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Price Information
* Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. This includes and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.