AN historic and completely renovated four storey former City centre docks building could prove an ideal investment when it comes up for sale at auction.
The refurbished property, at 114, Lower Dock Street, Newport, is at the heart of the former dockland area which has itself been completely transformed in recent years.
Listed with a guide price of £296,000-plus the property is being sold by Newport-based Paul Fosh Auctions.
Specialist commercial property expert, Debra Bisley, of Paul Fosh Auctions, says the lot is one not to be missed by investors looking to make an instant return on their investment.
Debra said: “What is particularly attractive about this lot is that the reputable tenants have just signed a new two-year lease for the property. The tenants are paying a rental of £32,000 per year. That rent is paid two yearly in advance and will be apportioned and paid to the purchaser on the point of completion.
“The prominent property, close to Newport’s iconic George Street Bridge, comprises of four storeys, including basement. The ground, first and second storey’s all contain three floors of offices, with a kitchenette, toilets, and a boiler serving each floor. There is a separate meter serving each floor.
“The premises was fully refurbished from the shell, circa 2007 at an overall cost of more than £500,000. During the renovation, extensive works were completed, including all electrical installations, plumbing gas, roof, floors, render, hardwood windows, service fire alarm, emergency lighting, and stairs.
“The building, in a terrace of other equally improved and enhanced properties, has recently had a full exterior repaint, which is still in the process of being completed.
“To the rear of the property is a very useful, large garage with an electric roller shutter door. There is also a good-sized car park.
“Situated in the city of Newport, a short walk from the City Centre. The surrounding area features a mix of residential and commercial properties. Nearby amenities include various shops, an award-winning Indian restaurant, other eateries and public services
“The location also benefits from excellent transport links, with easy access to Newport bus station, train station, and the M4 facilitating seamless connections to the broader Newport region, Cardiff, Bristol and Swansea.
The former dockland property, along with some ninety other lots, are being sold online by Paul Fosh Auctions in a sale which starts at 12 noon on Tuesday, April 15 and ends from 5pm on Thursday, April 17.
