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.
