Lot 27 - 170-173 Commercial Street, Newport, NP20 1JN

  • Unconditional Online Auction Sale
  • Guide Price* : £410,000+
  • Bedrooms: 0

Four Commercial Units, Partially Tenanted

Description

ONLINE AUCTION from 8th MARCH-10th MARCH

The property comprises four ground floor retail units, with ancillary areas, that form part of a mid terrace, five storey building. The title covers the basement, ground and first floors only, with the upper parts (Westgate Apartments) having been sold separately.

Two units are currently occupied by national retailers The Works Stores Ltd, and Sports Swift Limited (trading as The Card Factory). The other two units are currently vacant but were previously occupied by national retailers EE Stores, and H. Samuel. The property is currently achieving a rental income of £38,000 with the opportunity to achieve additional rental once the other two units are tenanted.

The property forms part of a larger terraced building dating from the Victorian era, with an ornately carved sandstone frontage. The building comprises five storeys and a basement, with load bearing solid brick elevations under a pitched tiled roof and to the rear of the building are a series of fire escapes. The four retail units that occupy the ground floor comprise (single glazed, timber framed) glass frontages leading directly onto Commercial Street. The upper floors of the building have single glazed, timber framed sash windows.

The accommodation totals approximately 1,239.95 sq.m (13,346 sq.ft).

Accommodation

Internally, the arrangement of retail accommodation is as follows:

Vacant (Formerly EE) – 170 Commercial Street : Comprises a ground floor retail unit with a store room to the rear, and extensive first floor accommodation comprising offices, storage and ancillary staff accommodation

The Works Stores Ltd – 171 Commercial Street : Comprises a ground floor retail unit with basement storage and ancillary staff accommodation

The Card Factory – 172 Commercial Street : Comprises a ground floor retail unit with storage, office and ancillary staff accommodation to the rear

H Samuel Ltd – 173 Commercial Street : Comprises a ground floor retail unit with a store room to the rear, first floor storage and significant basement accommodation utilised as storage space and ancillary staff rooms

Tenancies

170 – Vacant
171 - 5 year lease from February 2020
172 – 3 year lease from February 2020
173 – Vacant

Tenure

Long leasehold interest - 999 years from 29th September 2004

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/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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Office Contact

Debra Bisley

Documents

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