The building, which is now a mixed-use development containing six retail units on the ground floor with a gym, boxing ring, sports bar and two residential flats on the upper floors, sold for £291,000 from a guide price of £225,000.

Debra Bisley, of Newport-based Paul Fosh Auctions, which sold the property, said: “This celebrated building, which we sold for the current owners after almost 40 years of ownership, is steeped in history.

“The fully tenanted property currently achieves an annual income of £39,507. So, based on the guide price of £225,000, this is a 17.56% yield. Ground floor retailers include an independent nail bar, tattooist, discount shop, butchers and therapist. Additionally, there is national clothing retailer New Look.”

The buyer was undisclosed.