Retail premises for sale in High Street, Petersfield GU32

£435,000 (£335.39/sq. ft)
Retail premises for sale From 1,297 - 2,831 sq. ft*
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Property description

Coronavirus Act 2020
The property is sold with the benefit of a rent guarantee from the vendor to ensure an investor has no issues receiving income in light of the Coronavirus Act 2020 Part 1 Section 82. This is no reflection upon the tenants’ ability to meet their rental obligations but an understandable protection for a purchaser. The guarantee is to end the earlier of the end of the rent moratorium, or a period of 6 months, whichever is the sooner.

Freehold retail and self-contained residential investment opportunity in a picturesque town

Grade II Listed

Let to Hays Property Services Limited (Net Assets £10.3m)

£34,000 per annum

Prime position on the High Street

Let until September 2026

£435,000, subject to contract

7.50% Net Initial Yield

10.3% Net Initial Yield in respect of commercial element

Low Zone A rate on the commercial element

The property is sold with the benefit of a rent guarantee from the vendor to ensure an investor has no issues receiving income in light of the Coronavirus Act 2020 Part 1 Section 82

Petersfield is an attractive market town strategically located on the A3 London to Portsmouth trunk road. The town lies approximately 93 km (58 miles) south west of Central London, 40 km (25 miles) south of Guildford, 59 km (37 miles) east of Southampton and 34 km (21 miles) north of Portsmouth.

The town benefits from excellent access to the national motorway network, with a direct link to Junction 10 of the M25 via the A3 to the north east and Junction 9 of the M3 to the west.
London Heathrow International Airport is 77 km (48 miles) to the north east and London Gatwick Airport is 88 km (55 miles) to the east. Petersfield Railway Station provides regular services to London (Waterloo) with a fastest journey time of 1 hour 7 minutes.

Petersfield is a popular, affluent commuter town and is an attractive area for occupiers given its excellent communication links and access to a large pool of skilled labour.

The subject property is situated within the heart of Petersfield Town Centre, occupying a central position on the High Street. The property lies a short distance to the east of The Square, home to Hampshire Farmer’s Markets, and some 70 metres (75 yards) from the entrance to the Rams Walk Shopping Centre. Occupiers close by include M&S Simply Food, Boots, Poundland, Superdrug and NatWest Bank.

The property is Grade II Listed, located within the Petersfield Conservation Area and provides retail accommodation on ground floor, ancillary on the basement, with a self-contained 2 x bed residential apartment on the first floor and attic. Access to the residential upper parts is to the rear of the property via an attractive courtyard.

The entire property is let to Hays Travel on an overriding lease.

The property has been measured by bkr Floor Plans and provides the following Areas:

Gross Frontage 7.54 m 24 ft 9 inches
Net Frontage 7.01 m 23 ft 0 inches

Sq M Sq Ft
Zone A 39.95 430
Zone B 38.93 419
Zone C 17.00 183
itza 685
Basement 34.37 370
Total Net Internal Ground Floor 130.25 1,402

First Floor Residential 2 x Bedroom 101.17 1,089
Attic Floor Residential Storage 19.32 208
Total Residential Gross Internal 120.49 1,297

Total Gross Internal Area 263.00 2,831
A set of floor plans is available to download and the measured survey report will be assigned to a purchaser at a cost of £250.00 + VAT.


There is a small element of the ground floor where the adjoining ownership oversails as a “flying freehold”. Please refer to the photo gallery and the legal package for further information .

The entire property is let on a full repairing and insuring lease to Hays Property Services Limited (t/a Hays Travel) for a term of 15 years from 29th September 2011, expiring on 28th September 2026. Please note the upper floors are currently sub-let on an AST agreement at a rent of £6,000 per annum.

The current passing rent is £34,000 per annum, which we equate to a low Zone A of only £39 per sq ft, assessing the basement at £3.00 per sq ft and allowing for the AST income on the residential area (plus a 10% allowance for management). There is an upwards only rent review due on 29th September 2024.

Hays are liable for quarterly rent payments under the terms of the lease of £8,500 + VAT, hence £10,200.

In respect of the March and June rents which are in arrears due to the “lockdown”, it has been agreed to accept repayment by the tenant monthly over twelve months, with the first instalment starting on 1st October 2020 and last 1st September 2021 (hence, £1,700 per month). For the quarterly rents due from September 2020 onwards, it has been agreed that rent will be paid monthly (£3,400 per month) on the 1st of each following month, although Hays paid the full December 2020 quarter’s rent.

Hence, receipts from Hays during 2020/2021 have been as follows:

Date Rent Paid Amount inc. VAT
25 March £0
24 June £0
29 September £0
1 October £3,400 (rent monthly)
1 October £1,700 (back rent)
2 November £3,400 (rent monthly)
2 November £1,700 (back rent)
1 December £3,400 (rent monthly)
1 December £1,700 (back rent)
21 December £10,200 (December qtr rent)
4 January £1,700 (back rent)
The arrears as at 6/01/2021 are £13,600, consisting of 8 months of repayments. Arrears will vest with the vendor. We include within the legal package a full payment history including those relating to insurance premium.

Hays Property Services Limited (Co. No. 00288713) has reported the following figures:

31st October 2019 31st October 2018
Turnover £1,150,117 £1,226,704
Pre-Tax Profits £386,146 £554,946
Net Assets £10,334,646 £10,039,941
The company is a wholly owned subsidiary of Hays Travel.

Established in 1980, Hays Travel is the UK’s largest independent travel agent specialising in providing good value, quality holidays. According to its website the company employs over 7,500 people with more than 548 retail shops and over 290 travel agents who work from their homes. The company has been included in the Sunday Times' 100 Best Companies to Work For in the UK for three consecutive years.

In October 2019 the company acquired the entire retail portfolio of 555 former Thomas Cook stores after Thomas Cook was placed into compulsory liquidation. The acquisition provided re-employment opportunities for a significant number of former Thomas Cook employees who were made redundant following the collapse, and has trebled the size of the Hays Travel company. The company’s founders John and Irene Hays were hailed ‘heroes of the high street’ after saving thousands of jobs.

The company also runs the Hays Travel Independence Group; a consortium of independent travel retailers who benefit from Hays Travel's buying power, technology and back office expertise. For further information see .


The property is elected for VAT. We anticipate that the sale should be capable of being treated as a Transfer of Going Concern (togc).

Residential Values
Our enquiries indicate that two bedroom flats of a comparable nature within Petersfield have values in the order of £170,000 to £195,000.

We also believe that residential properties of this nature are commanding monthly rents in the order of £600 - £700, hence £7,200 - £8,400 per annum.

The self-contained flat is currently sublet on an Assured Shorthold Tenancy at only £500 per month/ £6,000 per annum.

Capital Values
We are aware that the abutting unit at 19 High Street, previously occupied by Ask Italian, is currently vacant and available to let at a quoting rent of £55,000 per annum or for sale at £675,0000. The total area is 3,402 sq ft equating overall to £198 per sq ft. In comparison, the subject property at the asking price equates to only £153 per sq ft (Gross Internal).

We are instructed to seek offers in the region of £435,000 (Four Hundred and Thirty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 7.50%, assuming standard purchaser’s costs of 4.39%

When considering the value of the residential upper parts in the region of £170,000, this leaves a value attributable to the commercial area of £265,000, which represents an attractive net initial yield in the region of 10.30% based upon the rental value attributable to the commercial accommodation of £28,000 per annum.

Investment Considerations
An opportunity to acquire a freehold retail investment in the heart of Petersfield town centre;

The property occupies a prime position on the High Street within close proximity to M&S Simply Food;

Let to the established covenant of Hays Property Services Limited (Net Assets £10.3m);

A purchase at the asking price will provide an investor with an attractive net initial yield of 7.50%;

Underlying value held within the residential upper parts;

The asking price represents a substantial discount to the quoting price on the adjoining unit;

The property is sold with the benefit of a rent guarantee from the vendor to ensure an investor has no issues receiving income in light of the Coronavirus Act 2020 Part 1 Section 82.

For full details please visit our website or view PDF brochure below

* Sizes listed are approximations. Please contact the agent to verify actual sizes.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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