Property overview

My Home Move, Plot 4C, Grove Park, Leicester, LE19 1SJ

sold

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£5,685,000
Sep 2019

Mucklow, represented by Franck-Steier Price, has recently completed the sale of a modern HQ office investment located on Grove Park, Leicester.

The property is located on Grove Park, Leicester, one of the East Midland’s premier out of town office locations.

The property comprises a 2016 built three storey HQ office which is let to My Home Move Limited for a term of 12 years with effect from 25 November 2016.

The lease is held on full repairing and insuring terms and the current rent is £349,509 per annum (£16.78 per sq.ft).  The rent is reviewed four yearly to RPI collared at 1% and capped at 2.5% per annum compounded.  The next review is on 25 November 2020.  Mucklow topped up the rent to the minimum collar of 1% per annum compounded a review providing a rent of £363,700 per annum.

The property was acquired by St Johns Property Fund, represented by Savills, for £5,685,000 which reflects a net initial yield of 6.00%.