Available
Leicester – Office Building with Planning Lapsed for 72 Apartments
60 Charles Street, Leicester LE1 1FBFreehold Office Investment with Re-Development Potential
Price
OIRO £3,500,000
Rent P.A.
£314,213
Yield
ERV: £515,000
Tenure
Freehold
Area
47,560 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Rental Income: £314,213 p.a.
- Total ERV: £515,000 p.a. GIY: 14.71%
- Comprises 13-storey office building with 2 retail shops at ground floor t/a offices
- Refurbished in 2019, with some floors subdivided into individual office suites
- Communications are excellent with the M1 and M69 motorways to the south-west, rail services to London St Pancras (1hr), and East Midlands Airport 15 miles to the north-west
- Located in the popular St George’s cultural quarter, with Tesco opposite and M&S, Primark, Ramada Encore Hotel and Matalan
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
The property comprises an office building providing accommodation from the ground floor through to the thirteenth floor. The ground floor provides 2 retail units (E) currently t/a Offices 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.
Total NIA: 4,418.43 sq m (47,560 sq ft)
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).
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.
Total NIA: 4,418.43 sq m (47,560 sq ft)
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).
