• 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 AGENT

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