A NEW residential development on the site of a former club in Newport has been put up for sale.
The West Point development, which is located on Cardiff Road in the Maesglas area of the city, is currently priced at £ 1.3 million.
Set over four storeys, the development has a total of 21 flats and space for two commercial lets on its ground floor – one of which is currently let to Heron Foods.
The development is on the site of the former Ebbw Bridge club, which was demolished back in 2017.
The club once played host to Welsh musical legends such as Sir Tom Jones and Dame Shirley Bassey, but falling membership brought about its closure in 2014 after 79 years in business.
According to the listing, the development’s second commercial unit is expected to be let out to a dentist.
“The property is arranged over 4 stories, with two retail units at ground floor and 21 private residential flats above. There is a car park at the front of the property on Cardiff Road, which serves the commercial units. The residential units have separate parking at the rear of the property, accessed from Old Cardiff Road, ”the listing reads.
“Unit A is let to Heron Foods Limited for a term expiring 22 May 2029, at a current rent of £ 43,350 per annum. The lease provides for the rent to be reviewed on the fifth anniversary, upwards only to open market value.
“Unit B is under offer to a local independent dentist for a term of 20 years from completion of the Lease. There is a stepped rent of £ 16,000 in year 1, £ 18,000 in year 2 and 20,000 pa thereafter.
“The tenant benefits from 6 months initial rent free, from completion of the lease, or occupation whichever is sooner. There is Tenant only options to break on the expiry of the 10th year of the term. The rent is reviewed every 5 years, upwards only to open market value.
“In addition to the ground floor commercial, 5 x 1-bedroom apartments were retained by the freeholder after construction and are let out on AST agreements producing £ 41,940 pa. Each property has in our opinion an open market value in the region of £ 200,000 if sold off on long leases however purchases should seek their own independent advice.
“The 16 remaining flats are sold off on individual 999 year leases and pay a ground rent of £ 20pa each, £ 320 pa in total.”
The listing can be viewed here: https://bit.ly/3azhLEm.