Key Information
- Leicester City Centre location
- 11 one and two bed apartments, together with 4 fully let retail units
- Gross income £155,820 pa
- Purchase price: in the region of £2.5m to show a purchaser an initial yield after costs of 5.86%
- It is the intention to dispose of the freehold interest, subject to the tenancies within the building, at a purchase price of £2.5m that will show a purchaser an initial yield of 5.86% after costs.
An imposing three and four-storey property, providing four retail outlets on the ground floor, together with upper floor residential accommodation. The building is constructed in brickwork under a flat roof with uPVC replacement windows throughout. The retail element all have significant profile onto either Rutland Street or Charles Street, and provide a range of different sized units, some with substantial basement storage / offices. The upper floors provide a mixture of good quality single and two bedroom apartments, together with bathroom and kitchen facilities. The extent of the accommodation is outlined below.
Location
Two interconnecting properties that stand prominently at the corner of Rutland Street and Charles Street, 200m from the Clock Tower. As such, the property lies within the heart of the city centre, with occupiers able to take full advantage of the retail and leisure facilities one would expect in such a prime city centre location. Specifically, Highcross Shopping Centre is only a 5 minutes walk away, as is Leicester Mainline Rail Station on London Road.
VAT
VAT is applicable to the ground floor rentals, though the transaction is likely to be treated as Transfer of Going Concern (TOGC).
Service Charge
The commercial leases make provision for the landlord to be able to recoup common expenditure on the property, though one is not presently levied. The upper floor residential accommodation makes no provision for recovery.
Rates
127 Charles Street The property is currently listed as Shop & Premises and has a rateable value of £11,750. 129 Charles Street The property is currently listed as Shop & Premises and has a rateable value of £4,150. 17-19 Rutland Street The property is currently listed as Shop & Premises and has a rateable value of £13,250. 23-25 Rutland Street The property is currently listed as Shop & Premises and has a rateable value of £14,500. Source: VOA
Services
It is believed that mains electricity, water, drainage and gas are connected to the property.
EPC
EPCs can be made available upon request.
Legal Costs
Each party is to bear their own legal costs incurred.
Accommodation
Measurements are quoted on a Net Internal basis in accordance with the RICS Property Measurement Second Edition.
Viewing
Viewings are by appointment with sole agents Innes England