Lot 57 Freehold Town Centre Mixed Commercial And Residential InvestmentAuction Date:
8th February 2023
The Donkey Cart, 1-2 The Square, Petersfield, Hampshire, GU32 3HJ
Currently let at £107,500 per annum with one vacant residential flat
This landmark freehold building is situated in the very heart of the popular town of Petersfield within sight of the town square and approximately 400 metres walk from the railway station with its connections north to London Waterloo and south towards Portsmouth.
The Donkey Cart comprises four commercial parts which are all let under the terms of commercial leases with two of the commercial tenants being particularly long standing and in occupation for around 20 years to date. The second floor is at present configured as two residential flats, one of which is let while the larger flat unit is the only component part of the building at present vacant. It is considered that the Donkey Cart would make a splendid addition to an income-producing portfolio.
Ground Floor
Unit 1
Currently trading as a coffee shop/café with main trading area to the front, kitchen/prep area and staff cloakroom with W.C. to the rear. Cellar/basement below.
Tenancy
Let under the terms of a commercial lease for a term of 10 years to 6th October 2030 at a current rental of £22,000 per annum.
Unit 2
Currently trading as a cosmetics outlet with main retail area, rear store and cloakroom with W.C.
Tenancy
Let under the terms of a commercial lease for a term of eight years from 1st July 2020 at a current rental of £19,000 per annum.
Unit 3
Currently trading as a restaurant with main restaurant area, kitchens, ladies and gents cloakrooms with W.C.s and access to cellar/basement below.
Tenancy
Let under the terms of a commercial lease for a term of 16 years from 22nd November 2007 at a current rental of £29,000 per annum.
First Floor
Unit 4
Currently trading as a restaurant with main restaurant area, bar, ladies and gents cloakrooms with W.C.s and office/store.
Tenancy
Let under the terms of a commercial lease for a term of 10 years from 1st September 2020 at a current rental of £30,000 per annum.
Second Floor
Flat
Comprising open-plan accommodation including kitchen area, shower and cloakroom with W.C.
Tenancy
Currently vacant.
Studio Flat
Open-plan accommodation arranged as a studio flat.
Tenancy
Let on an Assured Shorthold Tenancy Agreement for a term of six months from 4th April 2022 at a current rental of £7,500 per annum.
Outside
Loading area to the rear.
Council Tax Bands
Both flats - A.
Auctioneer’s Note
We are advised that both of the restaurant tenants have indicated a desire to extend their existing leases. Prospective purchasers should rely on their own enquiries.
There is an addendum available to be read
in conjunction with the legal documentation.
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
