Thinking of buying or selling call 020 8599 9911

   

SUBSTANTIVE RESIDENTIAL DEVELOPMENT OPPORTUNITY FOR SALE

CITY INDUSTRIAL UNITS, LEE CIRCLE, LEICESTER, LE1 3RE

17,760 sq.ft ( 1649.96 m2  )

Key Features

•  Town Centre Location Within Walking Distance to Haymarket Bus Station & Highcross Shopping Centre
•  No Section 106 or Community Infrastructure Levy
•  Possible Student Housing Scheme STPP
•  Highest House Price Growth Recorded in 2018 And Ranked As Best City In UK To Invest In (Zoopla)

Location

The site is on Lee Circle, which is in the Wharf Street area on the northeast side of Leicester City Centre, within the Central Shopping Core. The City Centre location means the site is within easy walking distance of the main transport hubs in Leicester: Haymarket Bus Station (150m), St. Margaret’s Bus Station (400m) and Leicester Railway Station on London Road (850m). The site also has easy access to other City Centre facilities to include the shops, services and evening life of the Central Shopping Core, major employers such as the two universities and the Leicester Royal Infirmary, office areas in New Walk and around the railway station and the curve theatre in the Cultural Quarter.

Accommodation

The existing accommodation consists of 9 B1/B2/B8 units and separate offices situated on a site measuring approximately 1,650 sq. m with associated parking. The prospective development is in response to a positive pre-application for the erection of an 10 storey building comprising 116 residential units to be a mix of studio, 1 bedroom and 2 bedroom apartments. There is a desperate need for viable student accommodation in Leicester given the 45,000 students enrolled in De Montford & Leicester University and as such a feasibility study is currently being prepared for a revised scheme comprising 250-300 student rooms with amenities.

Lease Terms

The light industrial/storage units are let by way of short-term licenses income producing circa £45,000 per annum exclusive. As these are let on flexible agreements a view has been taken on the rent and we feel that the current open market rental value would be circa £75,000 exclusive if let on longer term leases.

Price

Rates

The current rateable value for each unit can be found on the Valuation Office Agency Website. Upon completion of the development the new residential accommodation will be subject to council tax.

VAT

Value Added Tax is not applicable in respect of this transaction.

Legal Costs

Each party to bear their own.

Viewing

Strictly by prior appointment with sole letting agents Taylor Freeman Kataria.
Contact:

Mukund Kataria
Mkataria@cliffords-estates.co.uk

Rajiv Kataria
Rajiv@cliffords-estates.co.uk

GET IN TOUCH

TFK 306, Green Lane, Ilford IG1
020 8599 9911

BUSINESS HOURS

MONDAY - FRIDAY 9:00 a.m. – 5:00 p.m.
SATURDAY & SUNDAY CLOSED

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