This Freehold development prospect presents a distinctive opportunity to transform a Grade II Listed Drill Hall, originally established in 1901, into nine luxury flats. Previously serving as the headquarters for the 3rd Monmouthshire Rifle Volunteer Corps and more recently as a religious building, this property has encountered significant damage from a fire in 2018, creating a canvas for skilled investors. With planning permissions secured for conversion and the potential to integrate a small commercial element, this site stands within Newport City Centre's regeneration area, indicating promising growth prospects. The anticipated gross development value (GDV) is around £2.3M with an estimated rental income of approximately £186,300 per annum. Given its prime location near key transport links and urban amenities, there are additional avenues for expansion through further investigation of planning changes to maximize residential capacity. This venture offers not just renovation potential but also the prospect of contributing positively to the local community's revitalization efforts.
