Newport city centre Tesco site set for auction sale again

Currently occupied by Tesco on the ground floor, the four-storey mixed use property at 12-14 Cambrian Road is set to go under the hammer in March.

If it sounds like a familiar story – it is.

Earlier this year, the property was listed for auction, but failed to sell.

But now, the guide price has been slashed, and the owners will be hoping for it's second time lucky when it comes to selling the site.

That said, interested parties will still need deep pockets – with the new guide price standing at a cool £1 million.

Anyone that does stump up the cash will bag themselves a decent amount of real estate for their money though.

What’s on offer – and what does it mean for Tesco?

Located on Cambrian Road, roughly half way between Newport Railway Station and the heart of the city centre, the property is home to retail space, and flats on the upper floors.

Arguably, it is that retail space which makes this property so interesting.

The anchor tenant here is supermarket giant Tesco.

A Tesco Express store, it is a go-to destination for many who live and work in Newport, and attracts a decent amount of footfall.

The Argus understands the supermarket chain has a long-term lease at the Cambrian Road site, occupying the ground floor and basement, and any change of ownership of the building is not likely to impact on the supermarket itself.

While the Tesco store is the most eye catching part of the property, which is being sold at auction by Bid X1 Commercial, it is not the only thing that a new owner would need to be aware of.

12-14 Cambrian Road is set to go under the hammer

Elsewhere in the mid-terraced site, there are six self-contained flats, which have been described by the selling agents as “modern” in design, and are fully fitted.

These are all thought to currently be fully let.

Overall, the property is said to bring in £121,235.60 per annum, and is said to be an opportunity for an investor.

The property at 12-14 Cambrian Road is set to be sold at an online auction, on Thursday March 24, 2022.

Registration for the auction opens on Friday, March 4, and bidders must place a deposit of £19,000, which is fully refundable to unsuccessful parties.

More information, including legal documents, and property information, can be found on the Bid X1 website here.