Griffin Street, Newport

£600,000

Guide price

A Rare Opportunity to Acquire an Attractive Well Let Property.

Total Area of 1,011.99 sq m (10,893 sq ft)

Good Development Potential

Location :

Newport is located approximately 22 kilometres (14 miles) north-east of Cardiff, 40 kilometres (25 miles) north-west of Bristol and 217 kilometres (136 miles) west of London and is Wales' third largest city with a population of 145,700 (2011 census). It is the home to part of the Univer-sity of the South Wales and hosted the Ryder Cup in 2010. The city is on the main rail line with a journey time to Lon-don Paddington of circa 2 hours.

Friars Walk opened in November 2015 and is 390,000 sq ft of retail and leisure space which includes a 90,000 sq ft Debenhams department store, an 8 screen Cineworld cine-ma and a wide range of shops including Top Shop, Next, New Look, River Island and H&M and 11 restaurants in-cluding Nando's, GBK, Chiquito as well as Loungers, Waga-mama and Le Bistrot Pierre.

Description :

The property comprises a mid-terrace building over three storeys extending to 10,893 sq ft. There is a basement in-corporating WC area and cellar, ground floor incorporating bar, WC and commercial kitchen area, first floor bar and dance area and a second floor area.

Accommodation :

Basement 105.35 sqm (1,134 sqft)

Ground 338.99 sqm (3,649 sqft)

First 340.79 sqm (3,668 sqft)

Second 226.86 sqm (2,442 sqft)

Total 1,011.99 sq m (10,893 sq ft)

Business Rates:

Rateable Value- £107,000

Rates Payable - £51,574

Services:

We believe mains electricity, gas, water and drainage are connected to the property however this should be verified by any interested parties.

Planning:

The property benefits from planning for A3. We recom-mend you contact the local authority regarding your in-tended use.

EPC:

Rating - E101.

Tenure:

The property is let to Inventive Leisure Ltd on FRI terms for a term of 25 years from 17/3/04 at a rent of £62,000 pa with rent reviews 5 yearly. Inventive Leisure Ltd (02824084) have a Dun & Bradstreet rating of 4A2 (lower than average risk of business failure). The tenant has stated their desire to quit the lease.

Quoting Price:

The property is available freehold at a quoting price of £600,000. The property is elected for VAT and we under-stand that the sale can be treated as a Transfer of a Going Concern (TOGC).

Legal Costs:

All parties to be responsible for their own legal costs. In-curred in any transaction.

Viewing & Further Information:

Viewing strictly by prior appointment with the sole agent:

Steven Roberts T: 07703 610736

E: steven.roberts@nuttallparker.com

Arrange viewing 01633 376360

Nuttall Parker - Newport

7 Baneswell Road, Newport

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