Lot 64 Four Storey Town Centre Building With Commercial Income And Residential Conversion PotentialAuction Date:
16th June 2022
5 Lavant Street, Petersfield, Hampshire, GU32 3EL
Currently let at £26,000 per annum
This freehold four storey building is situated close to the commercial centre of Petersfield and the mainline railway station, with its connections north to London Waterloo and south to Portsmouth. The building is at present occupied by a commercial tenant utilising the building for a mix of hair and beauty and upmarket clothing retail.
There is scope for continued retail/commercial use of the building, subject to re-negotiation at the end of the existing lease or with a new tenant. However, there is also considerable scope and potential for conversion of the upper parts and perhaps, also, an area of the rear on the ground floor into residential accommodation, subject to all necessary consents being obtainable.
The rather smaller upper parts of the adjoining property (No. 3) are at present being converted into one, one-bedroom and one, two-bedroom residential apartments. The works and associated scaffolding to the left in the photograph below shows these works in progress. It is considered that 5 Lavant Street offers scope and potential for a greater number of residential units and it has internal staircases from the ground floor at both the front and rear of the building.
Ground Floor
Retail space and hair and beauty salon, cloakrooms with W.C.s and staff kitchen with access to the rear of the building.
First Floor
Further retail space, beauty treatment room, staff kitchen and cloakroom with W.C.
Second Floor
Two store rooms.
Third Floor
Attic store room.
Outside
The building at present utilises access to the rear via Chapel Street.
Tenancy
Let under the terms of a Commercial Lease for a term of 15 years, expiring on 28th September 2022, at a current rental of £26,000 per annum.
Local Planning Authority
East Hampshire District Council. Tel: 01730 266551. Website: easthants.gov.uk.
There is an addendum available to be read
in conjunction with the legal documentation.
Joint Agents
Matthews & Goodman LLP
0207 747 3115
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
