A former library in the heart of an historic south Wales valleys town has sold after creating quite a bit of interest at auction.
The fully let property in the Eastern Valley UNESCO World Heritage town of Blaenavon, Gwent, which gaining a reputation as a property hotspot, was sold by Newport-based Paul Fosh Auctions.
The building, listed with a guide price of £190,000-plus, sold for £209,000 after eleven bids from four bidders.
Debra Bisley, of Paul Fosh Auctions, said: “We’ve had loads of interest in properties in Blaevanon over recent months with a number of these often quirky and of architectural interest being sold at one our auctions. It’s become quite a property hot spot.
“This very interesting former library building on Lion Street in the centre of Blaenavon is another one of these one-off type buildings. The imposing property has been expertly refurbished to a very high standard.
“The fully tenanted commercial building has two long term tenants so proved to be of great interest among investors. The property is currently let to the two tenants on 10 year leases with a combined annual rental income of £33,000, (£27,000 and £6,000) so based on the guide price of £190,000 this provides a rental yield of 17%.
“The building, with sweeping views from some rooms over the surrounding valleys countryside, comprises of a three stories with approximately 4,500 sq ft of office space. We have been informed there was a substantial refurbishment of the premises in 2001.
“Located on the main high street in Blaenavon, this property holds a prominent core position on the intersection of Lion Street and High Street. The current entrance to the building is via Lion Street public car park which offers free parking to the public.
“Ideal for commuters and clients, the former library is adjacent to Lion Street Bus Station.
“It is just a ten minute drive to the A465 Heads of the Valleys Road, which provides links to Hereford, Abergavany Brynmawr, Ebbw Vale, Tredegar, Rhymney and Merthyr Tydfil.
“Cardiff, Newport, Swansea, London and Bristol can also be accessed via the M4 which is a 30 minute drive from the property.”
The former library is within walking distance of tourist attractions such as Blaenavon Ironworks, The Heritage Railway, World Heritage Centre and The Big Pit. Additionally, Blaenafon Cheddar Co, which matures its cheeses in the former pit, is located on Broad Street which attracts hordes of tourists to the area.
The former library was one of almost eighty properties offered at the Paul Fosh Auctions online June sale.