• Prominent Town Centre Location opposite public car park, festival hall and swimming pool.

• First time on the market for over 40 years.

• Restaurant, Wine Bar, and Indoor Market let to Red Goblet Ltd (with personal guarantee) at £101,711 per annum. (Indoor Market sublet) (1).

• Development Potential (2)

• VAT is NOT applicable

• Popular London commuter town in the South Downs.

Property Description

The Folly Wine Bar Restaurant and Folly Indoor Market comprises 2 interconnected buildings.

The Folly Wine Bar & Restaurant is arranged over ground and first floor to provide restaurant, bar, kitchen, and staff accommodation. Accessed via College Street.

The Folly Indoor Market arranged over ground floor only, provides 12 sales units. The Indoor Market is accessed via College Street & Bowen Lane. There is an outside area used for customer seating.

FLOOR AREAS (Gross Internal Area)

Folly Wine Bar

Ground Floor – 141 sqm (1,518 sq ft)
First Floor – 188.30 sqm (2,027 sq ft)
Second Floor - 27.10 sqm (292 sq ft)

Folly Indoor Market

Ground Floor - 412 sqm (4,435 sq ft)

Total - 768.40 sqm (8,271 sq ft)

TENURE

Freehold

TENANCY

The entire property is let to Red Goblet Limited (with personal guarantee) for a term of 10 years from 7th March 2017 at £101,711 per annum exclusive. The lease provides for full repairing and insuring covenants subject to a schedule of condition.

The security of tenure provisions, 24-28 of the Landlord and Tenant Act 1954 are excluded from the lease.

There is a landlords only break option after the 7th March 2019. In exercising the break the landlord is obliged to grant the tenant a new lease of the Folly Bar/Restaurant. The area known as the Indoor Market then reverts to the landlord.

(1) The Indoor Market is licenced to a number of independent retailers on a rolling monthly basis.
The Folly Bar at www.follydownstairs.co.uk.

We understand from the tenant the current monthly licence fee is £6,950 pcm (annualised £83,400 pa) and subject to monthly variation.

TOTAL RENT

£101,711 per annum exclusive.

VAT

VAT is not applicable

EPC RATING

See Legal Pack

PLANNING (2)

The property may benefit from redevelopment, subject to all necessary consents and the current tenancy.

Interested parties are referred to East Hampshire District Council, www.easthants.gov.uk/planning.

JOINT AUCTIONEER

Andy Hellier

Hellier Langston

T: 01329 220 111 [email protected]

Location

The property is situated in the centre of Petersfield, a market town in East Hampshire. It benefits from a prominent location off the High Street, providing direct access to the town’s main shopping and commercial areas. The property is within walking distance of Petersfield Railway Station, offering regular services to London Waterloo (80 minutes), Portsmouth, and other regional destinations. The property is also close to local bus stops, providing further public transport options. Nearby public parking facilities are available, ensuring easy access for visitors. The site is positioned near several local amenities, including Festival Hall, local swimming pool, and the historic Petersfield Heath. The town is also home to a variety of independent shops, cafes, restaurants, and pubs, with a local Wetherspoons located opposite. Additionally, the South Downs National Park is a short distance away, offering outdoor activities and scenic views.

Occupancy

Tenanted

Tenure

Freehold

EPC Rating

Refer to legal pack

Auction Details: The sale of this property will take place on the stated date by way of Auction and is being sold as on an Unconditional basis. Binding contracts of sale will be exchanged at the point of sale. All sales are subject to the Common Auction Conditions and Extra General Conditions. Auctioneer Fees and Deposit. The following deposits and non-refundable auctioneer fees apply: • 10% deposit of the purchase price, subject to a minimum of £5,000. The deposit contributes to the purchase price. • Buyer’s Fee- is £1950 including VAT. This is only payable by the successful purchaser. There are no costs to bidding for the property. The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability. There may be additional fees contained within the Special Conditions of Sale, which can be viewed within the Legal Pack. You are strongly advised to read the Legal Pack carefully and take professional advice before bidding. Additional Information: For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the Knight Frank Auctions’ website. This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack. Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Auction Conduct Guide.