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Commercial Property for sale

24 St. James Square

Withdrawn from Market £500,000

Property Description

Full description

Tenure: Freehold

LOCATION
This Grade II Listed property occupies a busy trading location in Newport town centre on the corner of St James Square. Adjacent to Nationwide with other neighbouring properties including Santander, Starbucks, Costa and TopShop/ TopMan.

DESCRIPTION
The property comprises a 3 storey fully let building with 4 commercial units to the ground floor and 3 residential over. The property has a current rental income of £44,953 per annum.
Accommodation Schedule:
Commercial
24 St James Square - 10 year lease from April 2008 at a current passing rent of £9,200 pa, 3 yearly rent reviews
24a St James Square - 10 year lease from Oct 2012 at a current passing rent of £4,800 pa, fixed rent reviews every 2.5yrs
113 Pyle Street - 5 year lease from Jan 2014 at a current passing rent of £7,500 pa
113a Pyle Street - 3 year lease from May 2015 at an average rent of £6,833 pa
Residential - all let on AST's
Flat 1, 113b Pyle Street - £495 pcm - 2 bed
Flat 2, 113b Pyle Street - £495 pcm - 2 bed
Flat 3, 113b Pyle Street - £395 pcm - 1 bed

TERMS
Our client is asking for offers in the region of £500,000 for the freehold interest with the benefit of the leases in place which reflects a net initial yield of 8.9%.

VIEWING
All viewings to be arranged via HRD Commercial. Please contact 01983 527727.


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