15 Market Street, Leicester, LE1 6DN
Franck-Steier Price has recently completed the sale of a retail investment on behalf of a property company client.
The property is located on Market Street, Leicester and comprises of a three-storey building with basement, totalling 198 sq.m (2,128 sq.ft) of retail and ancillary accommodation.
The property is let to Toni & Guy Ltd with surety from Mascolo Ltd on a 15 year lease from 27th May 2005. The tenant has an option to break in May 2015. The current passing rent is £42,000 per annum. The lease is held on FRI terms and subject to five yearly upward only rent reviews.
The investment was purchased by a private investor for £535,000, which reflected a net initial yield of 7.47%. The purchaser was represented by Fawcett Mead.