One of the grandest buildings in the city of Newport is set for a new lease of life after coming up for sale 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, are being sold by Newport-based Paul Fosh Auctions.
The guide price for the four is £410,000-plus. If the four don't sell as a single lot the shops are also being offered individually with 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.
The title for the properties being sold covers the ground and ancillary areas above. The upper parts of the Victorian building, Westgate Apartments, are under separate ownership and don't form part of this sale.
Debra Bisley, of Paul Fosh Auctions, said:
“The retail units, in this truly fabulous building are slap bang in the heart of the city of Newport A pair of the units is currently occupied by national retailers, The Works and The Card Factory, bringing in immediately income while the other two have very recently been occupied by H. Samuel and EE Stores.
“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 leasehold accommodation totals approximately 1,239.95 sq.m (13,346 sq.ft). The lease, is for 999 years from September 29 2004.
