An imposing four storey office building in the heart of the city of Newport’s professional and commercial district has been snapped up at auction for almost £100,000 more than guide.
Impressive 16, Gold Tops, close to the city’s civic centre and law courts, sold at Paul Fosh Auctions for £263,000 after a total of 84 online bids from eight individual bidders.
The semi-detached property had been listed with a guide price of £165,000.
James Holingsworth, of Paul Fosh Auctions, said: “The substantial and attractive four-storey office building situated within the traditional and well-established Gold Tops professional and commercial district of Newport, conveniently located for Newport city centre, attracted interest from the off.
“The volume of interest generated by this particular sale and the price achieved demonstrates a latent appetite among investors to acquire this particular type of well-located property in a prime position at the heart of an established professional and commercial district with good transport and business links.
“The property provides extensive office accommodation arranged over four floors and is offered with vacant possession, providing an excellent opportunity for an owner-occupier or investor seeking potential rental income.
“The property also offers potential for redevelopment or alternative uses, including possible residential conversion, subject to the necessary planning permissions and consents. Externally, the property benefits from private parking to both the front and rear.
“The Lower Ground Floor has office accommodation comprising three office rooms, utility area and WC facilities, the ground floor has office accommodation comprising three office rooms and WC facilities. On the first floor there is additional office accommodation comprising three office rooms, storage room and WC facilities and there is even more office accommodation comprising three office rooms on the second floor.”