16 bedroom land to buy

Rutland Street, Leicester
Guide price

£650,000

Description

A Development Opportunity in the heart of the Cultural Quarter located close to the Curve Theatre and Train Station for links to London. Planning is granted under no.20161032 dated 11th June 2016 for demolition of the existing building and construction of a single to four storey building to provide two ground floor units of classes A1, A2, A3, A4 & B1 and ten apartments (5 x 1 bed, 4 x 2 bed and 1 x 3 bed). This is a freehold opportunity with the retail units pre-let on a 999 year peppercorn lease. The estimated annual income from residential apartments once developed is £94,500. Contact FW for full details.

  • Planning Permission granted to convert to two retail units and ten apartments
  • Estimated annual income from residential of £94,500. Retail already pre let on a peppercorn lease.
  • Prime location in heart of Cultural Quarter; close to Curve and Train Station
  • Contact for Full Details
Full Property Details

Location

The site lies within the Castle Ward of the City of Leicester and falls within the city’s St George’s Conservation Area, famed for its impressive architectural buildings. Known as the Cultural Quarter, in the Eastern part of the city only five minutes’ walk from the train station and on the door step of The Curve theatre and Athena centre. All the amenities of the City Centre are close by making this an ideal investment opportunity as rental demand would be very high.

Current Site

The current site is made up of three buildings linked through various extensions and alterations over a number of years. Tenanted until August 2018 generating £4,750 PCM as an office with B1 use. Work can commence once the current tenant vacates.

Development Details

This is a freehold development opportunity. Planning is granted under 20161032 dated 11th June 2016 for demolition of the existing building and construction of single to four storey building to provide two ground floor units of classes A1, A2, A3, A4 & B1 and ten apartments (5 x 1 bed, 4 x 2 bed and 1 x 3 bed). Work can commence following vacant possession from the current tenancy. Full plans available on request as produced by Staniforth Architects

Retail Unit

There is an agreement in place for the two ground floor retail units to be leased on 999 year lease at a peppercorn rent to a previous owner of the building. As part of this agreement the freeholder must contribute £100,000 towards the redevelopment costs of the retail unit. This agreement cannot be amended at this stage.

Investment Details

Potential rental income of £94,500 (subject to final finish) on the basis of the one bedroom apartments renting at £675 PCM, two bedroom apartments renting at £850 PCM and the three bedroom apartment renting at £1,100 PCM.

Estimated redevelopment costs of £700,000 to £800,000 subject to final finish

Viewings

Strictly by appointment with the sole agents, Fothergill Wyatt.

Important Notice
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.

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