Lot 72 - 3 Commercial Street, Newport, NP20 1HE

  • Unconditional Online Auction Sale
  • Guide Price* : £45,000+
  • Bedrooms: 0

Lot 72 - Commercial Premises

Description

ONLINE AUCTION from 2nd SEPTEMBER-4th SEPTEMBER

An opportunity to acquire a 24 year lease remaining on a substantial period five storey commercial building situated in the heart of Newport city centre. The property previously traded as a well established local jewellers but would be ideal for a number of uses other than the current A2 retail use.

There are also a number of national restaurant chains and retailers confirmed as occupants. The property would be ideal for persons looking for substantial premises for their own business or potentially for an investor looking for a commercial property that may offer scope for rents estimated in the region of £15,000-£18,000 for the full building. The property is alarmed and has an external shutter system with CCTV.

VIRTUAL TOUR

Accommodation

Ground Floor: Retail sales area, office.  At the rear of the ground floor is a staircase leading to the basement area
First Floor: 2 office space
Second Floor: Open plan kitchen area with office
Third Floor: Office/storage space, 2 interconnecting rooms
Fourth Floor: WC, storage room

Lease Start Date

31/10/1950

Lease Duration

99 years (24 years unexpired)

Tenancies

To be sold with vacant possession

Tenure

Advised Leasehold – we are offering approximately 24 years of an original 99 year lease with a peppercorn ground rent of £1,300 pa. All enquiries should be made with the local authority.

Auction Fees And Additional Costs

Auction fees: The sale of each lot is subject to a buyer’s premium of 1.5% of the purchase price (subject to a minimum of £1,500) including VAT unless otherwise stated.

Additional costs: The purchase of the property may be subject to (but are not limited to), VAT (if applicable), reimbursement of the seller’s search fees, reimbursement of seller’s legal and/or sales costs, stamp duty/land transaction tax (LTT). Please check accompanying legal pack for further details.

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every 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.

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Paul Fosh Auctions, 01633 254 044

Office Contact

Oliver Griffiths

Documents

Legal Documents

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Auction Finance

As a trusted partner of Paul Fosh Auctions, Together could offer the auction finance you need, when you need it. Visit togethermoney.com for more information.

If considering a mortgage, we advise that you inspect and consider the property carefully with your lender before bidding.

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