Fully Tenanted City Centre Investment Opportunity. Nine, fully tenanted and fully furnished, leasehold apartments situated in a prominent, award winning Grade II Listed building adjoining the Curve Theatre in the Cultural Quarter. Generating a monthly total income of £5,950 and an annual income of £71,400, showing a gross yield of 7.25%. For Sale by Informal Tender, with a closing date for bids of 31st August 2017. An excellent opportunity to acquire a good income generating investment in one of Leicester’s most sought after City Centre locations. EPC C to F.
- Fully Tenanted Investment Opportunity
- Gross Yield of 7.25%
- Leasehold Apartments
- Prominent, Award Winning, Grade II Listed Building
- Nine City Centre Fully Furnished 1 & 2 Bed Apartments
- Tenanted on Individual ASTs Generating
- £71,400 per annum
- Total Combined Floor Area of 5,469 sq ft
- Sale by informal tender.
Constructed in 1923, 78-80 Rutland Street comprises an award winning, Grade II Listed four storey converted former warehouse, with brick elevations incorporating metal framed single glazed windows under a part pitched slate covered roof. The building was recognised by English Heritage and won a Civic Award for best conversion in 2008.
It now accommodates three self-contained apartments on each of the three upper floors, providing a total
of 9 apartments. Each apartment is currently fully furnished and comprises kitchen/dining area, lounge, bathroom (with bath and shower) and master bedroom. Some apartments have ensuite bathroom facilities as well as a separate WC.
The furniture is included in the sale.
Leicester is the principal city and county town of the East Midlands. The City is an important commercial and retailing centre and bene?ts from a catchment popular on of over 500,00 0 in the wider Leicester urban area. Leicester is located 30 miles south of Nottingham, 25 miles north east of Coventry and 40 miles west of Peterborough. Birmingham city centre is also 40 miles to the west.
The City benefits from excellent road communications being located within 4 miles of the M69 / M1 intersection and 20 miles from the M6 (off M69) providing access to the greater Midlands region. Leicester train station is approximately ½ mile from the subject premises.
The City is home to two Universities; Leicester University, a top 15 UK University having a student population of circa 30,000 and De Montfort University having a student population of circa 20,000. Both campuses are approximately 1 mile from the subject premises.
The subject property is situated in the emerging Cultural quarter and fronts directly onto Rutland Street in the City Centre, being accessed over St Georges Way (A594) via Queen Street. It lies less than ten minutes walk from Leicester Train Station with direct links to St Pancras International. The subject property adjoins the modern Curve Theatre and is close to the Phoenix Cinema, Athena and a wide range of popular food and drink establishments.
The building is held long leasehold from 27 September 2007 for a 199 year term at an initial ground rent of £150 per apartment (subject to a total minimum of £1,350 per annum). The ground rent is reviewed every 20 years to double the rent for the succeeding period. The next review is as at 27 September 2027 at which point the rent will become £300 per apartment (subject to a total minimum of £2,700 per annum).
Accommodation and Tenancy Details
The accommodation has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following areas:
Floor Apartment Bedrooms Sq m Sq ft Rental Income PCM Rental Income PA
First 1 2 55.83 601 £650 £7,800
First 2 1 57.88 623 £650 £7,800
First 3 1 51.65 556 £650 £7,800
Second 4 2 55.83 601 £650 £7,800
Second 5 1 57.88 623 £650 £7,800
Second 6 1 51.65 556 £650 £7,800
Third 7 2 67.82 730 £750 £9,000
Third 8 1 57.88 623 £650 £7,800
Third 9 1 51.65 556 £650 £7,800
Total 9 508.07 5,469 £5,950 £71,400
Planning permission for a change of use was obtained in May 2007 (reference 20071019) to accommodate nine two bedroom self-contained apartments on the first, second and third floors.
We understand the applicant submitted revised plans to vary the consent to provide nine, one bedroom apartments to provide additional living space, which was approved by the council.
However, at present the building accommodates 3 two bedroom and 6 one bedroom apartments.
Individual apartment EPCs are available upon request from Fothergill Wyatt. These range from rating C to F.
Enter Leicester City Centre on the Humberstone Road taking a left onto Wimbledon Street and follow round onto Rutland Street where the property can be found on the left hand side.
Viewings are to be strictly by appointment only with Fothergill Wyatt. Alternatively, further details can be found on the website, you can register with us at www.fothergillwyatt.com and viewings can be booked directly by calling 0116 270 5900.
Sale by informal tender. Full details available from Fothergill Wyatt.
These particulars are not an offer or contract, nor part of one. Fothergill Wyatt Ltd. for themselves and for the Vendors of this property, whose agents they are, give notice that:
1. The particulars are intended to give a fair and substantially correct overall description for the guidance of intending purchasers and do not constitute part of an offer or contract. Prospective purchasers and lessees ought to seek their own professional advice.
2. All descriptions, dimensions, areas, reference to condition and necessary permissions for use and occupation and other details are given in good faith, and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them.
3. No person in the employment of FothergillWyatt has any authority to make or give any representations or warranty whatever in relation to this property on behalf of Fothergill Wyatt Ltd., nor enter into any contract on behalf of the Vendor.
4. No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold, let or withdrawn.
All measurements are approximate. While we endeavour to make our sales particulars accurate and reliable, if there is any point which is of particular importance to you, please contact this office and we will be pleased to check the information for you, particularly if contemplating travelling some distance to view the property.