Westgate Buildings
Units 3 - 7B & 174 - 175 Commercial Street
Newport
Gwent
NP20 1GF

Freehold City Centre Retail Parade Investment

  • Comprises an unbroken parade of seven retail units arranged as six shops
  • Pedestrianised City Centre location
  • Close to the substantial Friars Walk Shopping Centre
  • Nearby occupiers include WH Smith, River Island, Boots, Costa, Waterstones, Santander and Barclays Bank
  • Asset Management Opportunities
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    34
  • Auction
    25/May/2017
  • Rent
    £271,000 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of Joint LPA Receivers
Important Property Update
  • Westgate Buildings<br>Units 3 - 7B & 174 - 175 Commercial Street<br>Newport<br>Gwent<br>NP20 1GF
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Property Information

Location
Miles
12 miles north-east of Cardiff
Roads
A48, A449, A4042, M4
Rail
Newport Railway Station
Air
Cardiff Airport
Situation

The property is situated in a highly prominent corner location on the west side of pedestrianised Commercial Street, close to its junction with High Street in the heart of the City Centre. Nearby occupiers include WH Smith, River Island, Boots, Costa, Waterstones, Santander and Barclays. Friars Walk Shopping Centre, which opened in November 2015, is just a short walk away housing retailers including Marks & Spencer, Debenhams and Next, as well as various restaurants and an eight-screen multiplex cinema.

Tenure

Freehold.

Description

The property comprises an unbroken parade of seven retail units arranged as six shops and provides ground floor retail accommodation with ancillary accommodation on the lower ground and first floors.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Completion Period

Six Week Completion

Buyer's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReversion
174
Commercial
Street
Ground
Retail/
Ancillary
165.70 sq m
(1,784 sq ft)
SANTANDER UK PLC (1) (2)
9 years from
25/03/2010
£119,500
25/03/2019
175
Commercial
Street
Ground
First
Retail/Ancillary Ancillary
97.20 sq m 55.40 sq m
(1,046 sq ft) (596 sq ft)
TUI UK RETAIL LIMITED (3)
t/a Thomson
10 years
from
27/05/2011
£35,000
26/05/2021
Unit 3
Westgate
Buildings
Ground
First
Retail/Ancillary Ancillary
11.20 sq m 208.60 sq m
(121 sq ft) (2,245 sq ft)
BROOK STREET (UK) LIMITED (4)
5 years from
13/11/2016
(5)
£17,000 (6)
12/11/2021
Units 4-5
Westgate
Buildings
Ground
First
Retail/Ancillary Ancillary
540.20 sq m 224.80 sq m
(5,815 sq ft) (2,420 sq ft)
POUNDWORLD RETAIL LIMITED
(7)
10 years
from
19/10/2015
(8)
£80,000
18/10/2025
Unit 7a
Westgate
Buildings
Ground
Lower Ground
Retail/Ancillary Ancillary
127.50 sq m 84.40 sq m
(1,372 sq ft) (908 sq ft)
VACANT
   
Unit 7b
Westgate
Buildings
Ground
Lower Ground
Retail/Ancillary Ancillary
46.30 sq m 24.40 sq m
(498 sq ft) (263 sq ft)
INFINITY MIST LIMITED
5 years from
18/02/2016
£19,500
17/02/2021
Unit 6
Westgate
Buildings
Entrance,
Ground, First,
Second, Third,
Fourth and
Fifth
Former Hotel
Not measured
GLN
PROPERTIES
LIMITED
999 years
from
13/08/2012
Peppercorn
12/08/3011
Sub-station
  
WESTERN
POWER
DISTRIBUTION
(SOUTH WALES)
PLC
25 years
from
25/03/2001
Peppercorn
24/03/2026
Total Commercial
 
1,585.70 sq m
(17,068 sq ft)
  £271,000
 

(1) For the year ending 31st December 2017, Santander UK Plc reported pre-tax profits of £1,917,000,000 and a total net worth of £13,618,000,000 (Source: Experian Group 26/04/2017).
(2) The tenant is not currently in occupation.
(3) For the year ending 30th September 2015, TUI UK Retail Limited reported a turnover of £199,000,000, pre-tax profits of £8,000,000 and a total net worth of £8,000,000 (Source: Experian Group 21/04/2017).
(4) For the year ending 31st December 2015, Brook Street (UK) Limited reported a turnover of £260,776,000, pre-tax profits of £1,960,000 and a total net worth of
£45,318,000 (Source: Experian Group 21/04/2017).
(5) The lease is subject to a tenant option to determine on 13th November 2017 and annually thereafter. Should the tenant exercise their option to determine at the end of year one a nine month rent penalty is due, at the end of year two a six month rent penalty is due, at the end of year three a five month rent penalty is due, and at the end of year four a three month rent penalty is due.
(6) The tenant is currently benefiting from a rent free period due to expire 12th November 2017. The seller has agreed to adjust the completion monies so that the unit will produce £17,000 p.a.x. from completion of the sale.
(7) Poundworld is a leading value variety retail business with over 350 stores and 7,000 employees across the United Kingdom (www.poundworld.co.uk).
(8) The lease is subject to a tenant option to determine on 18th October 2020. Should the tenant exercise their option, a £20,000 break penalty is payable.

Property Documents

  • Site Plan
    Updated Date
    03.05.17
    File Size
    5 MB
    View PDF
  • Catalogue Page
    Updated Date
    03.05.17
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Will MooreWill Moore +44 (0)20 7034 4858 +44 (0)7899 877 224will.moore@acuitus.co.uk
Charlie PowterCharlie Powter +44 (0)20 7034 4853 +44 (0)7768 120904charlie.powter@acuitus.co.uk
Seller's Solicitors
TLT Solicitors One Redcliff Street
Bristol
BS1 6TP
Ellie Bennum 0333 006 1318ellie.bennun@tltsolicitors.com

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