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Lot

94

108-109 Commercial Street, Newport, NP20 1LW

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Property Enquiries

Simon Bailey

simon.bailey@bidx1.com
+44 (0) 20 3929 8403

Viewings/Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

Garry Abrams

garryabrams@gadlegal.co.uk
0151 236 5000

Description

Map

Viewings


Property Summary
  • Freehold public house investment
  • Substantial corner building arranged over four floors plus basement
  • Future development potential (subject to planning)
  • Currently producing £110,767 per annum
Tenure

Freehold

Location

Newport is the third largest city in Wales and lies about 13 miles east of Cardiff and 30 miles north west of Bristol. The town lies to the south of the M4 motorway, from which it can be accessed via junctions 24, 25 and 25A via the B4237, B4596 and A4042. Newport railway station provides regional rail services as well as direct links to London Paddington.

Commercial Street in one of the principal shopping thoroughfares in the city centre offering a wide selection of shopping outlets as well as cafes, bars and restaurants. The property lies on the west side the street at its junction with Palmyra Place.

Description

A substantial corner double fronted building of traditional construction arranged over basement, ground and three upper floors. The building is currently arranged as a ground floor public house with ancillary accommodation at first floor level. The first and second floors are currently sealed off but may offer development potential, subject to obtaining the necessary consents. Externally there is a rear patio area and there is also a telecomms mast situated on the building.

Planning

Newport City Council (01633 656656) www.newport.gov.uk

VAT
Please refer to the legal documents.
Property Table
FloorAccommodationTenancyRent £pa

Ground

First

Part first, second & third floor

Basement

532.32 sq m (5,730 sq ft)

352.56 sq m (3,795 sq ft)

Not currently accessible

136.66 sq m (1,471 sq ft)

Let to the Victoria Garry Group t/a The Tom Toya Lewis for a term of 10 years from 01/03/2018 (1)£100,000
Telecomms mast Let to Hutchinson Three G Ltd for a term of 20 years from 01/07/2002£10,767
TOTAL  £110,767

(1) The Victoria Garry Group is an experienced pub operator which currently trades from 12 other establishments. There is a personal guarantor to the lease (refer to legal pack).

EPC

Refer to the legal pack

*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted "subject to contract". Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. A minimum participation fee of £4,500 must be paid by all bidders who wish to partake in the auction. A participation fee of £4,500 is comprised of the £1,000 (inclusive of VAT) administration fee payable directly to BidX1 and £3,500 relating to your bidder security (partial deposit payment). A higher participation fee may be payable depending on the reserve price of the Lot. However, even in those circumstances, the administration fee shall remain at £1,000 (inclusive of VAT). The participation fee is fully refundable if you do not make the successful bid in relation to a Lot at auction. If you make a successful bid in relation to a Lot at auction your participation fee is non-refundable.
  6. Please note that Lots may be sold or withdrawn prior to auction.
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