A row of four shops in one of Newport’s most recognisable buildings, situated next to the historic Westgate Hotel in a pedestrianised precinct, is being sold at auction.
The five storey building on 170-173 Commercial Street, which comprises four retail units at street level with space above, is being sold by Newport-based Paul Fosh Auctions.
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The guide price for the four shops is £410,000 plus. However, if the four units don’t sell as a single lot, they are also being offered individually.
The guide prices for each shop are:
Unit 170 - £80,000
Unit 171 - £165,000-plus
Unit 172 - £125,000
Unit 173 - £80,000
The title for the properties being sold covers the ground and ancillary areas above.
Westgate Apartments, the upper area of the Victorian building, are under separate ownership and don’t form part of the sale.
The leasehold accommodation totals approximately 1,239.95 sq m (13,346 sq ft). The lease is for 999 years from 29 September 2004.
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Debra Bisley of Paul Fosh Auctions said: “The retail units in this building are 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 immediate income, while the other two have until very recently been occupied by H. Samuel and EE Stores.”
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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, said Ms Bisley.
She added: “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.”