Key Information
- Total 42,235 sq ft
- Site extends to approx 0.275 acres
- Freehold price offers in excess of £6,300,000. A purchase at this level reflects an attractive gross initial yield of 10.89%, net initial yield of 8.02%.
- Freehold Price offers in excess of £6,300,000. A purchase at this level reflects an attractive gross initial yield of 10.89%, net initial yield of 8.02% and a low capital value of £60,000 per bed space assuming normal purchaser's costs.
The property is an attractive 5 storey period building of traditional brick and stone construction with a modern rear extention added in the 1960s beneath a part pitched slate and part flat roof. The building comprises of five ground floor retail units and 39 apartments providing 90 beds (14 studios, 8 x 2 bed cluster apartments, 7 x 3 bed cluster apartments, 10 x 4 bed cluster apartments) above. The uppers floors were converted into high quality student accommodation in 2017. Internally, the spacious rooms are finished to a high standard being appointed with a double bed, desk and built in wardrobe, kitchen or kitchenette with oven, electric hob, dishwasher, fridge freezer and washing machine/dryer with karndean or Amtico flooring throughout. All beds are ensuite fitted with a shower, WC, wash basin and heated towel rail. On site facilities include:- - Electric heating throughout with individual thermostatic controlled panel radiators - Recessed Lighting throughout with intelligent motion sensor lighting in common areas - All rooms ensuite - Sprinklers to common parts with smoke detectors in common areas and rooms - Two Schindler passenger lifts - Intercom to front door - WIFI - Bike Store - CCTV
Location
Leicester is the second largest commercial centre in the East Midlands, located approximately 103 miles from London, 45 miles east of Birmingham and 27 miles south of Nottingham. The city affords excellent communication links lying immediately to the east of the M1 motorway, adjacent to junctions 21 and 21a. Local infrastructure, including the M69 motorway, provides excellent links to the M6 and M42. The property is located on the corner of Hotel Street and Millstone Lane in the heart of Leicester city centre's expansive retail and leisure offerings, being positioned directly behind Leicester Market and just south of both the Highcross and Haymarket shopping centres. The area benefits from good levels of footfall as Hotel Street together with nearby Market Street form one of the main thoroughfares into the city centre from the professional office district. Also, moments away is St Martins Retail Square which is a vibrant and upmarket eating and shopping destination home to notable occupiers including Giggling Squid, Mowgli and Middleton's Steak House and Grill. The main De Montfort University campus is less than a 5 minute walk away, whilst The University of Leicester campus can easily be reached by bus in under 10 minutes. The property benefits from good road communications links via the Inner Ring Road network (A594) allowing access in and out of the city. Public transport connections are also in close proximity, with Leicester Railway Station situated some 0.5 miles to the southeast and St Margaret's Bus Station located some 0.75 miles to the north.
VAT
All figures quoted are exclusive of VAT. The property is not registered for VAT.
EPC
The EPCs for the student apartments range from C - D. A full list of domestic and non-domestic ratings is available on www.epcregister.com.
Viewing
Viewings are by appointment with sole agents Innes England
Legal Costs
Each party is to bear their own legal costs incurred.