The Hub Building, 7-11 Yeoman Street, Leicester
- Availability: For Sale
- Bedrooms: 14
Yeoman Street, Leicester, LE1 1UT
- Freehold Mixed Use Investment
- Eighteen 1 & 2 Bedroom Apartments including 3 Penthouses
- Further Scope for Development (STPP)
- Current Income £89,500pa
- Estimated Scope for Increase £121,000pa
- Located in Leicester's Cultural Quarter
- 5 Minutes Walk from Leicester Railway Station
- Nine Apartments Sold on Long Leaseholds
- Current Gross Yield 5.4% / Expected Gross Yield 7.1%
- 5 Secure Gated Parking Spaces
Property SummaryA rare opportunity to purchase a prime freehold block investment in Leicester City Centre. The development comprises of 18 (9 sold on long leases) modern and spacious apartments with associated parking and a 2,200 SqF ground floor commercial space.
Description The Hub is a purpose built block of 18 modern and spacious apartments which were comprehensively refurbished in 2006. This classically styled 1970s building was designed with an urban, industrial facade mixing chic styling with stone and pre-cast concrete facades, the building is arranged over 5 floors including 3 roof top penthouse apartments.
9 apartments are sold subject to long leases (114 years remaining). The remaining 9 flats comprise of 4 x one bedroom and 5 x two bedroom apartments. The one bed apartments vary between 437 to 554 sqF and two bedrooms vary between 695 to 883 sqF. Each is let on an Assured Shorthold Tenancy and they generate a combined income of £88,320pa (tenancy agreements are available for inspection upon request).
There is scope for further development (STPP) for a lightweight room extension to create another floor of residential space.
A lift services all floors and the building benefits from secure gated parking for 5 vehicles accessed via an under croft from Yeoman Street.
The ground floor benefits from a commercial unit of 200 square metres, currently used as storage space for the current freeholder, however, subject to change of use has the potential to deliver a further £32,000 income per annum.
Location Positioned in St George's Cultural Quarter, Leicester, the area subject to an urban regeneration project in the late 2000s transforming Leicester's former textile and shoe hub into a thriving area for arts. A wide selection of eateries and bars offer entertainment and footfall to the area.
Only a two minute walk from the internationally renowned Curve Theatre and five minutes from the landlord Highcross Shopping Centre anchored with blue chip tenants such as John Lewis and Partners, Debenhams, Zara and Apple.
Further afield within ten-fifteen minutes' walk are universities (University of Leicester and De Montfort University) with 39,000 combined enrolled students. Investment in City Centre has furthered the growth of attracting employers including the regional base for IBM and Mattioli Woods PLC.
The Hub is approximately 0.4 miles from the Leicester Mainline Railway station offering direct trains in a little over an hour to London's St Pancras International.
Method of Sale The property is for sale by way of Private Treaty, however we reserve the right to conclude the marketing by an Informal Tender process.
Energy Performance Certficates EPC Ratings:
Apartment 1: D Apartment 3: D Apartment 6: C
Apartment 7: C Apartment 8: D Apartment 14: XX
Apartment 16: D Apartment 17: D Apartment 18: D
Viewings and Directions The property will be subject to block viewings and will not be available for viewings internally without prior appointments.
Sat Nav: LE1 1UT - The property can be identified by the Agents for Sale Board.