Lot
025
Auction: March 2021 Online Auction 24/03/2021

The Tom Toya Lewis, 108-109 Commercial Street, Newport NP20 1LW

Property Details
Location
Auction Details
Description
A large freehold Town Centre public house and restaurant investment opportunity, currently let at £1,000 per week increasing to £2,000 from June 2021. The property extends to approximately 30,000 square feet in total and plans have been drawn to convert the upper floors into 8 residential apartments, with an approved planning decision due prior to our auction.
Location
The property is located in the Town Centre on the junction of Commercial Street and Palmyra Place. Newport is situated approximately 12 miles east of Cardiff and within easy travelling distance of the M4 motorway network.
Accommodation



Cellar:
Ground Floor:Bar and restaurant area
First Floor:Office ancillary accommodation and staff facilities
Second Floor:
Third Floor:
Approx Site Area
Approximately 781 sq m (934 sq yds).
Tenure
Unknown
Planning
A planning application has been submitted to Newport City Council to convert the upper floors into 8 x 2 bed apartments with the retention of the ground floor public house (reference 19/1233). A copy of these plans will be included within the legal pack. Interested parties are advised to direct their planning specific enquiries to the local planning authority.
Tenancy
The property is currently let to The Victoria Garry group at a current rent of £1000 per week rising to £2000 per week from June 2021. The lease is a 10 year lease dated March 2019.
Costs
Details of the Buyer's Premium and any additional fees payable are contained within the legal documents.
General
1. All the information provided on our website is for indicative purposes only and interested parties should rely upon the contents of the legal pack and their own due diligence as a prudent bidder.

2. PLEASE NOTE BIDDING COMMENCES ON TUESDAY 23RD MARCH AND CLOSES ON WEDNESDAY 24TH MARCH.

3. The property has not been inspected by the auctioneers at the time of publishing our catalogue details. The accommodation description has been provided by the vendor and therefore cannot be relied upon for accuracy. Prospective buyers are advised to make their own enquiries.

4. The vendor has confirmed there are no arrears.

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