3 Commercial Street, Newport, NP20 1HE

ONLINE AUCTION from 2nd SEPTEMBER-4th SEPTEMBER An opportunity to acquire a 24 year lease remaining on a substantial period five storey commercial building situated in the heart of Newport city centre. The property previously traded as a well established local jewellers but would be ideal for a number of uses other than the current A2 retail use. There are also a number of national restaurant chains and retailers confirmed as occupants. The property would be ideal for persons looking for substantial premises for their own business or potentially for an investor looking for a commercial property that may offer scope for rents estimated in the region of £15,000-£18,000 for the full building. The property is alarmed and has an external shutter system with CCTV. VIRTUAL TOUR Accommodation Ground Floor : Retail sales area, office.  At the rear of the ground floor is a staircase leading to the basement area First Floor : 2 office space Second Floor : Open plan kitchen area with office Third Floor : Office/storage space, 2 interconnecting rooms Fourth Floor : WC, storage room Lease Start Date 31/10/1950 Lease Duration 99 years (24 years unexpired) Tenancies To be sold with vacant possession Tenure Advised Leasehold – we are offering approximately 24 years of an original 99 year lease with a peppercorn ground rent of £1,300 pa. All enquiries should be made with the local authority. Auction Fees And Additional Costs Auction fees: The sale of each lot is subject to a buyer’s premium of 1.5% of the purchase price (subject to a minimum of £1,500) including VAT unless otherwise stated. Additional costs: The purchase of the property may be subject to (but are not limited to), VAT (if applicable), reimbursement of the seller’s search fees, reimbursement of seller’s legal and/or sales costs, stamp duty/land transaction tax (LTT). Please check accompanying legal pack for further details. * Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.