A former hotel in the heart of Pill has been snapped up by an investor for £1.3m.

This is the latest property in the area to be sold to investors, who are increasingly viewing Pill as an 'up and coming' part of Newport, according to property experts.

Alexandra Court, formerly the Ship Hotel, is an impressive four-story building on the corner of Alexandra Road and Mill Parade and dates from 1891.

The 19th century property, one of the largest in the area and which was built to replace the former Old Ship, was sold pre-auction by Newport-based Paul Fosh Auctions, marking the largest single property sale for the business in 2020.

Surveyor Debra Bisley, of the auction business, said: "Alexandra Court, a really large and imposing property, was sold to an investor pre-auction for £1.3m."

She said: "The investor who bought the property was interested in the area of Pill and in helping the area to improve further. They believe the investment will help regenerate the area, giving Pill a real boost."

Ms Bisley said Pill was an 'up and coming historic area', which has been the subject of much investment and regeneration over recent years.

"There has been growing increase in interest in the Pill area from property investors and buyers this year and we can only see this interest continuing into 2021.

"We have sold some six large properties this year with Alexandra Court being the largest. Among the others we've sold at auction was the former Danceland Studios in Lower Dock Street, which sold for £237,250."

Alexandra Court was was first converted into residential accommodation in 1973. Today the building comprises 39 residential apartments, seven of which are one bedroom apartments and 32 are studio apartments which all require substantial renovation.

"There is onsite parking accessed from the rear of the property for approximately 10 cars. There is planning permission to subdivide one of the flats into two making a total of 40 units in the building," said Ms Bisley.

"The sale represents the largest amount of money generated by a single property by Paul Fosh Auctions this year. It means that the business ends on a real high despite all the challenges encountered by the pandemic in 2020."

Not only is Paul Fosh Auctions seeing financial success in the area of Pillgwenlly, its lettings arm has also seen an increase in investment landlords within the area. Most recently the team has taken on the management of a large premises in the area comprising six, one bedroom flats.

Ms Bisley said: "Investors are recognising the value for money that there is in property in Newport and the Pill area in particular. We anticipate that renewed interest in this part of the city will help us with future sales in the area."