FOR SALE BY AUCTION - LOT 18
FORMER VACANT HOTEL OPPORTUNITY
(Town Centre Location)
- 6 week completion
- Historic grade II landmark building built 1700-1800s
- 55 en-suite bedrooms
- Town centre location
- Opportunity to refurbish and recapitulate former Hotel use
- Potential for alternative uses (subject to necessary consents)
- 999 year long leasehold from 2012
The subject property which was originally known as the Westgate Hotel has remained closed for several years. It is situated over five upper floors which are directly above the ground floor retail units that do not form part of the sale except Unit 6, a former bar directly connected to the first floor which is included in the sale along with the ground floor entrance. A small section of the first floor is also not included in the sale. The property is in need of full refurbishment and renovation.
EPC Rating: Please refer to legal documents
Tenure: Long leasehold – 999 years from 2012. Please refer to legal documents for further information.
Vendor’s Solicitor: Ms Jaymini Ghelani, Axiom Stone, Tel: 020 8422 1181, Email: jg@axiomstone.co.uk
Location
Newport, with a city population in the region of 145,000, is the principal administrative and commercial centre for Gwent. The city is situated 13 miles east of Cardiff, 16 miles west of the Severn Bridge and benefits from excellent road communications being adjacent to Junctions 24-28 of the M4 motorway which direct links to east of England and London.
The building is situated in a prominent position within the town centre at the junction of Commercial Street and Stow Hill, a short distance from Newport Rail Station. Occupiers close by include HSBC Bank, Natwest Bank, Vodafone, Starbucks, Coral Bookmakers, McDonalds and The Post Office amongst many others.
Accommodation
174 - Ground Floor
Entrance Hall, Stairs & Lift Shaft(Vacant)
174 - Unit 6 Ground Floor
Former Bar (Vacant)
174 First Floor
Former Hotel Vacant / a small section of the first floor is not included in the sale. Please refer to legal documents.
174 Second Floor
Former Hotel (Vacant)
174 Third Floor
Former Hotel (Vacant)
174 Fourth Floor
Former Hotel (Vacant)
174 Fifth Floor
Former Hotel (Vacant)
Specification
Additional Information
*Guide Price: This is an indication of the seller's current minimum acceptable price at Auction. The guide price is given to assist prospective buyers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the Auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the Auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
*Reserve Price: The seller's minimum acceptable price at Auction and the figure below which the Auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the Auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
*Please note that the following additional fees will apply to the purchase of your property:
1. A successful purchaser will have to pay a buyer's premium of £XXX plus VAT directly to the Auctioneer
2. Other fees as listed within the Special Conditions of Sale that form part of the legal pack which is made available to prospective buyers prior to Auction. Buyers will be will be expected to sign this document as well as the Sales Memorandum at the time of purchase.
3. Stamp Duty will have to be paid in addition to the sale price. Stamp Duty rates are available online
4. Prospective buyers must factor in solicitor fees and any survey fees
5. Insurance - it is the responsibility of the buyer to insure the property purchased from the date of exchange.