Retail Unit With Uppers and Development Potential (stp)
Total Size 266.9 sq m (2,872 sq ft)
Petersfield is an attractive market town strategically located on the A3 London to Portsmouth trunk road approximately 18 miles to the north of Portsmouth and 25 miles to the south of Guildford. Road communications are excellent and in addition Petersfield benefits from a fast frequent train service to London Waterloo and to Portsmouth and the South Coast.
The property is situated in a primary position in the town centre opposite Rams Walk, which has attracted a number of national retailers. Nearby by occupiers include Crew Clothing, NatWest, Mint Velvet, Boots and Waitrose.
A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO. We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
We understand that the property is not elected for VAT.
The property comprises a substantial two storey period building, plus a basement and was constructed in 1866 as Petersfield's Corn Exchange.
Internally, the ground floor provides open plan sales area with an office to the rear, which could be a WC. The first floor is arranged as a series of rooms which can be used as ancillary for the retail space, together with WCs. There is also potential to create more space in the loft. The basement is accessible from the back of the shop and has a head height of 1.63m.
We understand the premises to have the following approximate Net Internal Area (NIA):
Ground Floor 83.80 sq m (902 sq ft)
First Floor 69.40 sq m (747 sq ft)
Total 153.20 sq m (1,649 sq ft)
Basement 84.91 sq m (914 sq ft)
Business Rates / Council Tax Band
Rateable Value (2023): £34,750.
Currently, all occupied retail, hospitality and leisure properties receive a 75% discount from 1st April 2023 until 31st March 2024. Subject to annual cash cap of £110,000 per business and qualifying use. Interested parties should make their own enquiries to satisfy themselves of their business rates liability.
Should you require further information on Business Rates, please contact our in house rating surveyor Daniel Green (email@example.com).
We understand the property has an EPC rating of C.
Each party to bear their own legal costs incurred.
We have been instructed to market the property with vacant possession and quote a price of £875,000 for the freehold interest subject to contract. ( Agency Pilot Software ref: 4177 )