Cardiff Road, Newport, South Wales, NP20

Description:
The property is arranged over 4 stories, with two retail units at ground floor and 21 private residential flats above. There is a car park at the front of the property on Cardiff Road, which serves the commercial units. The residential units have separate parking at the rear of the property, accessed from Old Cardiff Road.

Location:
Newport is situated on the River Usk, close to the confluence with the Severn Estuary. It is the third largest City in Wales and lies 12 miles northeast of Cardiff.
The property is situated in a largely residential area on the south side of Cardiff Road, in the southwest of Newport, within 5 minutes of junction 28 of the M4 Motorway.

Commercial Tenancies:
Unit A is let to Heron Foods Limited for a term expiring 22 May 2029, at a current rent of £43,350 per annum. The lease provides for the rent to be reviewed on the fifth anniversary, upwards only to open market value.
Unit B is let to P&B Kitchens Limited (13164241) for a term of 5 years, expiring 2 January 2028. The rent is £20,000 per annum.

Residential Tenancies:
In addition to the ground floor commercial, 5 x 1-bedroom apartments were retained by the freeholder after construction and are let out on AST agreements producing £45,300 pa. Each property has in our opinion an open market value in the region of £200,000 if sold off on long leases however purchases should seek their own independent advice.

The 16 remaining flats are sold off on individual 999 year leases and pay a ground rent of £20pa each, £320 pa in total.

TOTAL Income £108,970 excl.
ASKING PRICE £1,350,000 excl.

VAT:
The property has been opted to tax.

Energy Performance Certificate:
Commercial certificates and reports available on request.