Lot 78 - 171 Commercial Street, Newport, NP20 1JN

  • Unconditional Online Auction Sale
  • Guide Price* : £165,000+

Addendum

This property has sold prior to auction.

LOT 78 - Tenanted City Centre Retail Unit

Description

ONLINE AUCTION from 12th APRIL-14th APRIL

A mid-terrace commercial building situated in a prime location on Commercial Street in the centre of Newport. The property occupies 100% prime position in the pedestrianised main retailing area. There are a number of independent and national retailers within close proximity including Sports Direct, Card Factory and WHSmith. The property also benefits from being located within close proximity to Friars Walk shopping centre and Newport railway station.

The building comprises a ground floor retail unit with basement storage and ancillary staff accommodation. The accommodation totals approximately 3591 sq. ft.

The property is being currently tenanted by national retailer The Works Stores LTD and is achieving a rental income of £23,000 pa. There is a five-year tenancy agreement in place which commenced in February 2020.

Accommodation

Floor Description Area Sq Ft Area Sq M
Basement Ancillary 1,672 55.39
Ground Floor Sales 1,919 78.33
Total 3,591 133.72

Tenancies

5 year lease from February 2020

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. 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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