Property Auctions 21/Sep/2023 | Kingsway Shopping Centre, Newport, Gwent, NP20 1EW

City Centre Shopping Centre Investment

Substantial Shopping Centre providing 17,093 sq. m. (183,993 sq. ft.) of retail and leisure accommodation together with 3,014 sq. m. (32,445 sq. ft.) of office accommodation (1)
Extensive town centre scheme
Strategic location adjacent to Friars Walk Shopping Centre and Newport Knowledge Quarter
Occupiers include Sainsbury's, PureGym, Starbucks, Bonmarche and JobCentre
Currently provides retail, leisure, office and car parking accommodation
Asset Management Opportunities

Lot 37
Auction 21st September 2023
Rent Gross: £1,198,937 per Annum
Status Sold
Price £615,000
Sector
Shopping Centre
Auction Venue
Live Streamed Auction
On Behalf of Joint LPA Receivers

Property Information

Location

Miles: 12 miles north-east of Cardiff, 18 miles north west of Bristol
Roads: A48, A449, A4042, M4
Rail: Newport Railway Station
Air: Cardiff Airport

Situation

Newport is a major City with a population of over 150,000 being located some 12 miles north east of Cardiff and 18 miles north west of Bristol. The property is situated within the heart of Newport City Centre with it's main entrance fronting the busy John Frost Square opposite Friars Walk Shopping Centre. The property forms part of the focal point of the city's retailing and leisure hub. Neighbouring occupiers to the property include M&S, JD Sports, H&M, Next, VUE Cinema, Wagamama's, Prezzo and TGI Fridays.

The city has seen major regeneration projects in recent years which have resulted in improvements to infrastructure, housing and retail. A significant redevelopment is underway immediately to the east of the property which will create the state-of-the-art Newport Leisure Centre and a campus for Gwent College which, together with the existing University of South Wales Campus, will create the 'Newport Knowledge Quarter' (www.newport.gov.uk).

Tenure

Leasehold. Held from Newport City Council for a term of 250 years from 13/08/2009 at a minimum rent of £265,000 per annum subject to annual reviews. Newport City Council are currently demanding a rent of £150,000 per annum until June 2025. The full rent review clause is available to view within the legal pack. For the avoidance of doubt, the long leasehold excludes the upper floors of the multi-storey car park and the library.

Location

Miles: 12 miles north-east of Cardiff, 18 miles north west of Bristol
Roads: A48, A449, A4042, M4
Rail: Newport Railway Station
Air: Cardiff Airport

Situation

Newport is a major City with a population of over 150,000 being located some 12 miles north east of Cardiff and 18 miles north west of Bristol. The property is situated within the heart of Newport City Centre with it's main entrance fronting the busy John Frost Square opposite Friars Walk Shopping Centre. The property forms part of the focal point of the city's retailing and leisure hub. Neighbouring occupiers to the property include M&S, JD Sports, H&M, Next, VUE Cinema, Wagamama's, Prezzo and TGI Fridays.

The city has seen major regeneration projects in recent years which have resulted in improvements to infrastructure, housing and retail. A significant redevelopment is underway immediately to the east of the property which will create the state-of-the-art Newport Leisure Centre and a campus for Gwent College which, together with the existing University of South Wales Campus, will create the 'Newport Knowledge Quarter' (www.newport.gov.uk).

Tenure

Leasehold. Held from Newport City Council for a term of 250 years from 13/08/2009 at a minimum rent of £265,000 per annum subject to annual reviews. Newport City Council are currently demanding a rent of £150,000 per annum until June 2025. The full rent review clause is available to view within the legal pack. For the avoidance of doubt, the long leasehold excludes the upper floors of the multi-storey car park and the library.

Description

The Kingsway Shopping Centre comprises a covered scheme with pedestrian access from John Frost Square and Commercial Street. The scheme is currently arranged to provide 36 retail units (although capable of further subdivision), office accommodation, gym, and car park. The retail units trade at ground floor level, with some benefiting from basement and first floor ancillary accommodation. In addition there is a gym at first floor level. The retail, ancillary and gym accommodation totals 17,093 sq m (183,993 sq ft) (1). The sale also includes Sovereign House, a substantial seven storey vacant office building of approximately 3,014 sq m (32,445 sq ft) (1), sitting above the shopping centre which may be suitable for future change of use subject to obtaining the necessary consents and permissions.

The site upon which Emlyn House currently stands, on the western side of the site has been sold off on a sub-lease to a local housing association. Under the terms of this current sub-lease, there is an obligation on the buyer to deliver a cleared site for development. Further details are available within the legal pack.
There are two separate car park areas at basement level providing approximately 40 spaces. The Dolman House Theatre also forms part of the sale although this has also been sold off on a long lease.

Current tenants within the Kingsway Shopping Centre include Sainsbury's, PureGym, Starbucks, Bonmarche, JobCentre and Wilko's. The current gross income is approximately £1,198,937 per annum. A full tenancy schedule together with an estimated yearly Net Operating Income is available to view within the solicitor's legal pack.

(1) The total approximate Net Internal Floor Areas have been provided by the Seller. These are for use as a guide only and do not form part of the contract of sale.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability. The Receivers are not bound to accept the highest or any offer.

EPC

The EPC's will be available to view online in the solicitor’s legal pack.

Description

The Kingsway Shopping Centre comprises a covered scheme with pedestrian access from John Frost Square and Commercial Street. The scheme is currently arranged to provide 36 retail units (although capable of further subdivision), office accommodation, gym, and car park. The retail units trade at ground floor level, with some benefiting from basement and first floor ancillary accommodation. In addition there is a gym at first floor level. The retail, ancillary and gym accommodation totals 17,093 sq m (183,993 sq ft) (1). The sale also includes Sovereign House, a substantial seven storey vacant office building of approximately 3,014 sq m (32,445 sq ft) (1), sitting above the shopping centre which may be suitable for future change of use subject to obtaining the necessary consents and permissions.

The site upon which Emlyn House currently stands, on the western side of the site has been sold off on a sub-lease to a local housing association. Under the terms of this current sub-lease, there is an obligation on the buyer to deliver a cleared site for development. Further details are available within the legal pack.
There are two separate car park areas at basement level providing approximately 40 spaces. The Dolman House Theatre also forms part of the sale although this has also been sold off on a long lease.

Current tenants within the Kingsway Shopping Centre include Sainsbury's, PureGym, Starbucks, Bonmarche, JobCentre and Wilko's. The current gross income is approximately £1,198,937 per annum. A full tenancy schedule together with an estimated yearly Net Operating Income is available to view within the solicitor's legal pack.

(1) The total approximate Net Internal Floor Areas have been provided by the Seller. These are for use as a guide only and do not form part of the contract of sale.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability. The Receivers are not bound to accept the highest or any offer.

EPC

The EPC's will be available to view online in the solicitor’s legal pack.

If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.