17th February 2014
Freehold of Newport pub site sold for residential redevelopment
Acting on behalf of Tesco Stores Ltd, Alder King in Cardiff has sold the freehold of the former Black Horse Inn site in Newport to a local private developer for £160,000.
The 0.35 acre site on Somerton Road attracted strong interest from local developers and housing associations and jointly sold at auction with Paul Fosh Auctions for well in excess of the £120,000 guide price.
The purchaser plans to redevelop the site for residential use. The two-storey derelict public house will be demolished.
Nicole Kruger of Alder King’s agency team said: “This site sits within a predominantly residential area of Newport and therefore generated considerable interest from developers who saw its residential potential.”