For Sale By Auction | 19:00, 12 December 2018 | Lot 11

88-92 & 104, Chepstow Road, Newport, NP19 8EE

*Guide | £750,000 + (plus fees)

  • Commercial Property
  • 11 Bedrooms
  • Tenure: See Legal Pack

Call the team on 02920 475 184 for more information

Auction Date

Wed 12/12/2018

Auction Time

19:00

Auction Venue

Village Hotel 29 Pendwyallt Road, Coryton, Cardiff, CF14 7EF

Viewing Times:

Wed 28 Nov

12:00-12:45

Wed 5 Dec

12:00-12:45

Fully Let Residential / Commercial Investment

*** 7 week completion*** *** Income producing £87,287 per annum*** The Property is located on Maindee Square, Chepstow Road which is an arterial link road connecting Newport City Centre to Junction 24 of the M4 Motorway towards the Celtic Manor Resort. Maindee Square is a busy local retailing parade with a mix of local and national retailers as well as Lloyds Bank. There is on-street parking as well as a pay and display opposite.

Tenure

See Legal Pack

Description

The property comprises of 4 retail units with 11 flats.

No.88 Chepstow Road

The Ground Floor is let to Stackers; an A3 user on a 5 year lease from February 2017 at a rent of £8,000 p.a.x. There is a tenant break clause in January 2019 - no notice has been given to date.

No.90 Chepstow Road

The ground floor is let to Ty Hafen; a charity on a 10 year lease from September 2015 at a rent of £8,000 p.a.x with a tenant break clause in September 2020.

No. 88 - No.90 Chepstow Road - Residential Flats

There are 5 flats to the upper floors producing a total income of £2,011 per calendar month. Additional income is generated from roof top solar panels at £3,200 p.a

No.92 Chepstow Road

The ground floor is occupied by 'Images on Skin' on a 7 year lease from November 2014 at a rent of £8,000 p.a.x. The upper floors comprise of 2 flats producing an income of £833 per calendar month. Further income is roof top solar panels at a rent of £1,600 p.a.x.

No.104 Chepstow Road

The ground floor is let to St David's Foundation who have been in occupation for over a decade. They are currently holding over at a rent of £7,500 p.a.x. There is a ground floor flat and 3 flats to the upper floors generating an income of £1,271.64 p.a. Further income is generated from a roof top solar panel at £1,600 p.a.x. *Rents are subject to variation and are correct at time of writing. Please refer to legal pack.

Viewing Schedule

Wednesday 28 November 12.00 - 12.45 Wednesday 5 December 12.00 -12.45

Local Authority

Newport City Council

Solicitors

Everett Tomlin Lloyd & Pratt, Gold Tops, Newport, NP20 4PH, Tel: 01633 251801

Additional Fees

Administration Charge - 0.25% inc VAT of the purchase price, subject to a minimum of £594 inc VAT, payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.