Good news for Newport city centre as one of the grandest buildings lands four new owners at auction.
The four retail units at street level with space above, at 170-173 Commercial Street, are next to the historic Westgate Hotel in a pedestrianised precinct.
The shops, which form part of a mid terrace in the majestic five storey building, were offered for auction by Newport-based Paul Fosh Auctions. Interested parties were given the opportunity to purchase the four units as a whole as one lot, with a guide price of £410,000, or as individual units.
The four units were also offered individually: number 170, with a guide price of £80,000-plus; 171, with a guide of £165,000-plus; 172, with a guide of £125,000 and 173, with a guide of £80,000.
On the night, two of the four units ended up with new owners. Number 170 found new ownership after four bidders made 12 bids, making the final price £88,500. The hammer also came down on number 172 for £132,000 after 11 bids from three bidders.
Since then, the remaining two units have also found new owners. Number 171 was bought for £160,000 and 173 for £88,000.
The title for the properties being sold covered the ground and ancillary areas above. The upper parts of the Victorian building, Westgate Apartments, are under separate ownership and so didn’t form part of this sale.
Debra Bisley, of Paul Fosh Auctions, said:
“It is great to see these lots sold on the first entry into auction. We have been seeing an increase in demand for commercial units on the high street, so hopefully this will spell good news for shops and shoppers alike in Newport city centre.”
The leasehold accommodation totals approximately 1,239.95 sq.m (13,346 sq.ft). The lease is for 999 years from September 29, 2004.
The next Paul Fosh Auction, where a number more exciting properties will go under the hammer, will begin on Tuesday, April 12 and ending from 5pm on Thursday April 14.