Key Information
- 27 Self-contained flats
- Well-located for professionals and students
- Rental income: £222,835.21 per annum
- Price: £2.2m (reflecting a generous gross yield of 10.13%)
- Access to a data room is available upon request.
- Offers are sought in the region of £2,200,000 (Two Million Two Hundred Thousand Pounds), subject to contract. At the guide price, the property offers a highly attractive 10.13% gross yield.
The property comprises a former factory building which was converted more recently to provide 27 self-contained flats. The property is a four-storey building of traditional brick construction beneath a pitched roof and has been extended in recent years to provide additional accommodation. The front elevation comprises uPVC double glazing throughout together with a gated entrance to the central courtyard which provides access to the accommodation. Internally, the property has been laid out to provide good quality residential accommodation throughout with 26 x 1-bed flat and 1 x 2-bed flat on the top floor.
Location
Leicester benefits from a diverse demographic profile, with a population of approximately 324,000 according to the 2021 Census. The city is home to two award-winning universities - the University of Leicester and De Montfort University, which together support a combined student population of around 50,000. This substantial student presence contributes to a strong and dynamic local economy. The property occupies a prominent corner position at the junction of Nugent Street and Tyrrell Street, within the popular residential suburb of Newfoundpool, approximately one mile east of Leicester city centre. The surrounding area is predominantly residential and is well served by a range of local amenities along Fosse Road North, including a neighbourhood parade of shops, hairdressers, and a variety of food and beverage outlets. Nearby occupiers include an Esso petrol filling station with a Tesco Express, as well as a Lidl supermarket in close proximity. Conveniently located to the east of the city centre and within easy reach of St Augustine Road (A47), the property benefits from excellent connectivity around the city via Leicester's inner ring road system with further connects to Junction 21 of the M1/M69 motorway network. Together with its accessibility to the city centre, De Montfort University is situated approximately 0.8 miles to the south-east of the property, within comfortable walking distance, while Leicester Royal Infirmary is similarly accessible.
VAT
The property has not been elected for VAT and is therefore not payable on the purchase price.
Services
We understand that all mains' services are available and connected to the property, save for gas.
EPC
Available upon request.
Legal Costs
Each party to bear their own costs incurred during the transaction.
Planning
We understand that the property has authorised use from the Local Planning Authority under Use Class C3 Dwellinghouse of the Town and Country Planning (Use Classes) (Amendments) (England) Regulations 2020. Interested parties are advised to make their own enquiries in this regard with the Local Planning Authority.
Viewing
Viewings are by appointment with sole agents Innes England