Development Properties: Allied Place, 44 Abbey Street, Leicester, Leicestershire, LE1 3TD

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Allied Place, 44 Abbey Street, Leicester, Leicestershire, LE1 3TD

Guide £2,750,000 subject to contract - Freehold

  • Located in Leicester City Centre in close proximity to the two major shopping centres, Haymarket and Highcross and 2.3 miles to Leicester University
  • Situated just 0.7miles/10 min walk from Leicester Train Station (1 hour 6 mins to Kings Cross)
  • Comprising 2nd-7th floors totalling 23,760ft2 (NIA) providing mostly residential accommodation with one floor of vacant offices
  • Held long leasehold for 125 years until 10 June 2139 (123 years unexpired) at a ground rent of £35,000 PA – with 5 yearly reviews to RPI
  • Floors 3-7 currently comprise of 46 apartments all let on AST’s
  • Currently produces a total gross income of £284,800
  • Net income of £227,016PA - assuming 8% Let and Management fees and after deducting head rent
  • Potential to convert vacant second floor office to produce a further 11 units. 3,828ft2 adding a further gross income of £61,464pa (based on average prices achieved on existing rentals)
  • 7 X Studio, 3 X 1 Bed, 1 X 2 Bed
  • OIEO £2,750,000 which reflects a low cap value of £115psf against total NIA including second floor conversion