Lot 34 Freehold Commercial InvestmentAuction Date:
22nd March 2023
Units 9 & 9B Brickwood House, Orchard Street, Newport, PO30 1JZ
Currently let at £19,000 per annum
This freehold commercial investment is situated in the very heart of Newport, the island's county town, adjacent to the bus station. The building is occupied by a popular and well established live music operator trading as Strings.
The current occupier has been trading from the venue from 2017 and recently signed a new five-year lease.
The property is considered ideal for addition to an income producing commercial property portfolio.
Ground Floor
Two separate accesses from the front and side of the building to the first floor.
First Floor
Live music venue with supporting bar, ladies and gents cloakrooms, ancillary staff areas.
Mezzanine Level
Additional seating.
Tenancy
Let on a commercial lease from 16th February 2023 to begin on 1st March 2023 and ending 28th February 2028 at an initial rental of £19,000 per annum rising to £20,000 per annum through the term. The current occupiers have been in situ since 2017.
There is an addendum available to be read
in conjunction with the legal documentation.
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
