Lot 5 - 125-127 Commercial Road & 2 New Street, Newport, NP20 2GW

  • Unconditional Online Auction Sale
  • Guide Price* : £325,000+

Excellent Investment Opportunity

Description

ONLINE AUCTION from 7th DECEMBER-9th DECEMBER

This property consists of a block of eleven apartments. Four studio apartments, six x1 bedroom apartments & one x2 bedroom apartment.

The apartments would benefit from some refurbishment so may interest buyers looking to renovate to re-sell or for buy to let as long terms investement. Benefitting from rear car parking area, new interlinked fire alarm system, the property also benefits from local shops and is within walking distance to the city centre and Royal Gwent hospital. Excellent commuter links via the M4 motorway.

Please Note: Access to all flats may not be possible.

VIRTUAL TOUR

Accommodation

Please note: The property has not been inspected internally, however we believe it comprises:

Studio Apartments: Living/bedroom, kitchenette, bathroom
One bedroom Apartments: Living room, bedroom, kitchen, bathroom
Two Bedroom Apartment: Living room, 2 bedrooms, kitchen, bathroom
Outside: Rear car parking area

Accommodation

Rental currently achieving:

Unit No. Income per month Income per annum
Four Studio Apartments £1,280 £15,360
Six x1 Bedroom Apartments £2,100 £25,200
One x2 Bedroom Apartment £420 £5,040
Total 3,800 £45,600

Tenancies

All eleven apartments are currently let. If the flats were renovated to a good standard we believe the studio apartments would achieve in the region of £450 pcm, the one bedroom apartment in the region of £475 pcm and the two bedroom apartment in the region of £550 pcm. This offers a potential income of £62,400 per annum.

Tenure

Advised Freehold - to be verified by solicitor

Auction Fees And Additional Costs

Auction fees: The sale of each lot is subject to a buyer’s premium of 1.2% of the purchase price (subject to a minimum of £975) 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. 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.

Bidding not yet open
Minimum Opening Bid

£293,000


Bidding Opens On
7th Dec 2021 12:00
Scheduled End Date

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