Property overview

6/8 Market Street, Leicester

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£1,150,000
Aug 2009

Franck-Steier Price LLP has recently completed the freehold acquisition of a prime retail investment on behalf of a private investor.

The property is prominently situated on the pedrestrianised Market Street in Leicester city centre.  The property comprises a ground floor retail unit  (1,843 sq.ft), basement storage (681 sq.ft) and two upper floors of offices (2,709 sq.ft).

The rent is £90,000 per annum.  The lease is held on full repairing and insuring terms subject 5 yearly upwards only reviews.  The tenant has an option to break the lease at the end of the 10th year.

The two upper floors are sub-let to Kelly Services (UK) Ltd for a term expiring 9 October 2012 at a rent of £15,200 per annum.

The property was sold for £1,150,000 which represents a net initial yield of 7.40% assuming full costs of purchase of 5.75%.  The property was sold by Hinckley and Rugby Building Society who were represented by Johnson Fellows.