Description
- Leicester is the second largest city in the East Midlands and is located approximately 43 miles (69 km) north-east of Birmingham, 31 miles (49 km) south of Nottingham and 100 miles (160 km) north-west of London.
- Leicester has a population of approximately 575,000 and contributes around £23.5 billion annually to the Midlands economy (LLEP).
- Leicester has a significant student population of over 45,000, from the University of Leicester and De Montfort University.
- The property occupies a prominent corner position on the pedestrianised Gallowtree Gate, directly opposite the principal entrance to the Haymarket, in the heart of the city centre.
- Virgin Money, Chopstix and Flawless Vapes have all renewed leases or removed breaks to stay in occupation. H Samuel have opened negotiation to remain in occupation at their lease expiry.
- WAULT of 4.03 years to expiry and 2.69 years to break.
- Current net income of £441,088 per annum.
- Freehold.
We are instructed to seek offers in excess of £3,700,000 (Three Million Seven Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 11.65% on the commercial income and £150,000 for the upper parts at 5A Gallowtree Gate, reflecting a low capital value of c.£38 psf. Standard purchaser’s costs have been assumed.
