Key Information
- 9 x Cluster flats (46 bed spaces)
- 5 x 4-beds, 2 x 6-beds and 2 x 7-beds
- Central location, ideal for professionals and students
- Price: £2.7m (reflecting an attractive gross yield of 10.56%)
- Rental income: £285,077 per annum
- We are seeking offers in the region of £2,700,000 (Two Million, Seven Hundred Thousand Pounds) subject to contract. A purchase at this level reflects a gross yield of 10.56%.
The property comprises a former textile factory which was converted to provide residential accommodation over five floors of traditional brick construction beneath pitched and flat roof forms. The front elevation comprises powder coated aluminium framed double glazing together with an individual access entrance door and a large orange gate to the side providing access for the refuse storage. Internally, the property has been finished to a high specification to provide accommodation on lower ground, upper ground, first, second and third floors with a total number of forty-six bed spaces in nine cluster flats. Each of the four bed flats comprise a shower room and separate WC, whilst the six and seven bed flats have the benefit of two shower rooms. Each bedspace is well proportioned and benefits from fitted blinds, carpeted floors, central heating, a fitted desk with chair, fitted shelving and furniture pack. Externally, to the rear is a detached building which provides a laundry room that is timber clad beneath a flat roof and houses three washing machines and three dryers. The building also provides a covered area which provides an outdoor dining area whilst there are two rear yards for providing outdoors seating. On-site facilities include: - Intercom system - Cycle store - External refuse store - Furnished accommodation - CCTV system
Location
Leicester benefits from a diverse and growing population, with approximately 324,000 residents recorded in the 2021 Census. The city is home to two highly regarded universities, the University of Leicester and De Montfort University, which collectively support a student population of around 50,000. This significant student and graduate presence, together with Leicester's diverse economy, strong employment base and excellent transport infrastructure, contributes to a vibrant and resilient commercial market. The property is prominently situated on Lower Brown Street, a well-established mixed-use location on the western fringe of Leicester city centre. The surrounding area comprises a blend of residential accommodation, purpose-built student housing, offices and commercial premises, creating a lively and well-connected environment that appeals to a broad range of occupiers. A comprehensive range of amenities are available within easy walking distance, including an extensive selection of retailers, cafés, restaurants, leisure facilities and convenience stores situated throughout the city centre and along nearby Narborough Road. De Montfort University and the Royal Infirmary hospital are located approximately within 0.3 miles in distance, enhancing the property's appeal to occupiers seeking close proximity to key institutions. In terms of connectivity, the property benefits from an excellent central location adjacent to Leicester's inner ring road network, providing convenient access across the city and onward connections to the wider motorway network, including Junction 21 of the M1/M69 interchange. Leicester Railway Station is situated approximately one mile to the east and offers regular services to London St Pancras, Birmingham, Nottingham and Sheffield. The combination of a city-centre location, excellent transport links and proximity to key employment, educational and leisure destinations ensure the property is well positioned to attract a diverse range of occupiers.
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.
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 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