2 Petersfield Road is an excellent early 20th Century building, originally a public house converted some years ago into a self contained retail property with two self contained flats over(The flats are currently let on assured shorthold tenancies) Constructed of brick under a pitched and tiled roof, with mock Tudor elevations with some tile hanging.
Location
Located in a busy trading location on the main Petersfield/ Chichester road junction, occupying a commanding position on the roundabout. Traders nearby include William Hill Bookmakers, Esso service station and a short walk brings you to Midhurst’s main and only supermarket (Budgens). Midhurst is a lovely town, exceptionally prosperous, with close links to the Cowdray Park Estate, including Goodwood (Horse racing and Festival of Speed) plus polo and many events all year round. Chichester is 11 miles, Petworth 6 miles, Petersfield 8 miles, Guildford 25 miles.
Accommodation
Ground Floor. Currently divided into several areas as a kitchen showroom:
Overall Measurements: 42’ wide x 30’ deep= 1260sqft. Including access to small outside yard and side access.
Plus Side Store and Kitchen: 21/2 x 5/5= 115sqft.
Less Flat Entrance: 13/7 x 7=95sqft.
Net Area Approx: 1280sqft. (119sq m)
First Floor: Separate Street Entrance To Flats. Small Lobby, stairs to First Floor.
Flat 1: Sitting room with kitchen area. Bathroom and Bedroom.
Flat 2: Sitting/ Dining Room with Kitchen Bathroom and Bedroom.
Terms
E.P.C: E/ 116
RATEABLE VALUE: £17,XXXa. Chichester District Council
TERMS - The property is available as follows:-
1) Freehold sale with vacant possession of both the ground floor retail area and the two flats over.
2) A new full repairing and insuring lease on the ground floor retail area only based on lease period to be agreed, rent £XXXax.
3) Freehold sale of the retail area only with the flats retained by the Vendor on a long leasehold basis
4) Freehold sale of the entire property with the Assured shorthold tenants remaining in the flats and the ground floor vacant
The property is currently let as follows:
1) Ground Floor Retail Area. Let to Evoke Kitchens and Bathrooms Ltd, an established local firm on a 10 year FRI lease from June 2017 at a rental of £25,000 pax (no vat) with an upward only rent review and Tenant only break after 5 years. The Landlord holds a six months rent deposit.Evoke Kitchens and Bathrooms Ltd have advised the Vendor that they will be exercising their break clause and have expressed their willingness to leave at an earlier date to suit the new Buyer.
2) Flat 1: Let on an AST for 6 months at £XXXcm (£6,XXXa).
3) Flat 2: Let on an AST for 12 months at £XXXcm (£XXXa). Please note that Flat 2 is a very large 1 bed flat which could be made into a 2 bed unit.
PRICE: For the entire property, with or without the flat Tenants and either with Evoke as Tenants or with VP of the retail area £695,000stc For the
Freehold of the Ground Floor only with the flats retained on long leases £375,000stc