A former city centre police station is set for a secure future after the building was sold at auction.
The substantial building, within sight of the city of Newport’s historic Transporter bridge, was sold at Paul Fosh Auctions.
The fully-let converted former police building, transformed from offices, custody suites and cells into an assortment of flats and bedsits, was listed with a guide price of £375,000.
But after some spirited bidding from a total of seven individual bidders who posted 49 bids, the imposing property sold for £482,000.
Sean Roper, of Paul Fosh Auctions, said: “The property has operated successfully over recent years as a collection of ten apartments, some flats and the rest bedsits. The entire property, a landmark in the Pill area of the city, currently brings in a total of some £75,900 a year, at £6,325 a month
“The imposing freehold building has been upgraded and well maintained and managed and was sold with a number of well-established tenants in situ.
“The property has both gas or electric heating in various units and is UPVC double glazed and benefits from a rear car park/communal yard. The accommodation is made up of four one-bedroom apartments, a two-bedroom apartment and five other rooms/studio units bedsits.
“The Paul Fosh Auction in which the former police station was sold, saw staggering buyer interest with 1,925 registrations and 172 active bidders placing a total of 1,724 bids realising total sales of £4.45 million.”
The next Paul Fosh Auctions starts at 12 noon on Tuesday November 11 and ends from 5pm on Thursday November 13
