The Tom Toya Lewis, 108-109 Commercial Street, Newport, NP20 1LW
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.
A large freehold Town Centre public house and restaurant investment opportunity, currently let and producing an annual income of approximately £100,000 per annum. Extending to approximately 30,000 square feet in total the property is let on a 10 year lease from March 2018 to an established local publican. Plans have been drawn to convert the upper floors into 8 residential apartments, subject to any necessary consents.
Approximately 781 sq m (934 sq yds).
Architect plans have been drawn to convert the upper floors into 7 x 2 bed apartments and 1 x 3 bed apartment, subject to planning. 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.
The property is let to Victoria Garry group at an annual rent of £100,000.
1) 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.
2) Energy Performance Certificate = G.
3) We are informed that informal conversations have taken place with the current tenant who would welcome a rent reduction to £50,000 per annum for the existing lease term to occupy the ground floor and cellar which would then allow conversion of the upper floors, subject to any necessary consents.
4)The contract has been amended to include title no. WA952996.
5) We are informed the pub has been recently refurbished.
108-109 Commercial Street,
NP20 1LW Open in Google Maps