Lloyds Bank Newport city centre building on the market

The property, situated at 42 Commercial Street, is currently home to a Lloyds branch operating on a four-year lease from June 2023, resulting in an annual income of GBP50,000 for the property owner. The estate agent handling the sale, Emmanuel Jones LLP, notes that the property spans 12,056 square feet across five floors, including the basement. Lloyds Bank occupies the entirety of the building, spanning from the basement to the third floor.

The estate agent said: "The property is located in Newport, Wales' third largest city. "Newport is situated approximately 12 miles north east of Cardiff and 31 miles west of Bristol, respectively. "It is accessible via several exits from the M4 Motorway.

"The property sits on the corner of Commercial Street and Llanarth Street which leads immediately into John Frost Square, the Kingsway Shopping Centre and Friars Walk Shopping Centre." They also highlight the building's prime location, situated at the corner of Commercial Street and Llanarth Street and close to key locations including the John Frost Square, Kingsway Shopping Centre, and Friars Walk Shopping Centre. Nearby businesses include Superdrug, Greggs, Puregym, M&S Foodhall and Primark.

The property represents a net initial yield of 11.05 per-cent at the asking price. The property has a Creditsafe risk rating of 86 out of 100, classified as "very low risk". There's potential for future redevelopment, according to the estate agent, including as part of the Newport Placemaking Plan published in 2025.

This plan includes proposals for the demolition and redevelopment of disused buildings along Commercial Street's southern end. However, any future developments would require planning permission. Viewings are only available by appointment, through agents David Williams or Luca Piazza.

It's worth noting that the EPC rating for the property is yet to be assessed and it has not been elected for VAT.