Available
Leicester – Office Building with Planning for 72 Apartments
60 Charles Street, Leicester LE1 1FBFreehold Office Investment with Residential Development Opportunity
Price
OIRO £4,500,000
Rent P.A.
£478,464
Yield
ERV: £515,000
Tenure
Freehold
Lease Term
Various
Area
47,560 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Annual rental income of £478,464.53 pa, and ERV of circa £515,000 pa.
- 47,560 sq ft (NIA) (4,418.43 sq m) office building on ground and thirteen upper floors, with 9 car parking spaces arranged over site.
- Refurbished in 2019 and subdivided into suites appealing to a variety of occupiers, including two with display frontage.
- Let to a variety of occupiers including Duncan Lewis Solicitors, Everyday Loans Ltd, Life Links (Richmond Fellowship), Vodafone, and Jonathan Ashworth MP
- Consent for conversion to 72 apartments and discussions with planners for circa 79, with potential for student accommodation
- Located in the popular St George’s cultural quarter, with Tesco opposite and M&S, Primark, Ramada Encore Hotel, and Matalan less than 100m away on Humberstone Gate, with both Highcross and Haymarket shopping centres less than a five-minute walk.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises a 47,560 sq ft (NIA) (4,418.43 sq m) office building providing accommodation from the ground floor through to the thirteenth floor. The two ground floor suites operate as A2 Use Class premises taking advantage of the prominent trading position. Services and plant are installed within the basement area, and on the two flat roof areas. The accommodation was extensively refurbished in 2019, with the exception of the 10th floor, and is arranged to provide a mix of open plan and cellular office accommodation. All floors are served by two high speed 9 person passenger lifts, as well as WC facilities. The specification otherwise includes a commissionaire served entrance hall, air conditioning, gas fired central heating, carpeted floors, suspended grid ceilings with inset lighting, security CCTV, and covered parking for 9 vehicles accessed from Yeoman Lane.
Development Opportunity:
On 1st November 2022 our clients obtained consent by appeal for (Appeal Ref: APP/
W2465/W/21/3289826) for a change of use from offices (Class B1(a)) to 72 flats (Class C3). A full copy of the consent is available within the dataroom. Ongoing discussions with planners suggest “there may be scope in considering a 1 storey upwards extension along the whole of the east wing if it was significantly set back”. This could result in a further 6-7 units.
Our clients also consider the building would be suitable for conversion to student accommodation
(architects suggest potential for over 80 units).
Development Opportunity:
On 1st November 2022 our clients obtained consent by appeal for (Appeal Ref: APP/
W2465/W/21/3289826) for a change of use from offices (Class B1(a)) to 72 flats (Class C3). A full copy of the consent is available within the dataroom. Ongoing discussions with planners suggest “there may be scope in considering a 1 storey upwards extension along the whole of the east wing if it was significantly set back”. This could result in a further 6-7 units.
Our clients also consider the building would be suitable for conversion to student accommodation
(architects suggest potential for over 80 units).
Location Description
Leicester is the main commercial centre and administrative capital of Leicestershire. With a population of 368,000 (2021) Leicester is the largest city in the East Midlands and tenth largest city in the United Kingdom. The wider Leicester urban area has a population of 560,000 (2021) and is a fast growing youthful city driving a £23.5 billion economy with a particular focus on tech start-ups. The city benefits from excellent road communications being located immediately to the east of the M1 with access from junctions 21, 21a and 22, providing north south links and access to London. In addition, the M69 provides access to the M6 and M42, and the wider Midlands region and Birmingham.Leicester railway station provides direct services to London St Pancras with five services every hour and journey times from 63 minutes. There are also frequent services to Derby (21 mins) Nottingham (21 mins) and Birmingham (48 mins).
