122-182 Western Road, Leicester, LE3 0EA
Executive Summary
- Industrial unit ripe for conversion to student apartments
- Site Area – 0.21 acres
- Positive pre-application responses for student development
- £20,340 pa income from existing leases
- For sale on an unconditional basis
- Offers Over £1.0 million
Description
The property currently comprises mainly two-storey brick built industrial units arranged around a central secure yard.
The existing buildings extend to a total of 5,435 sq.ft. (505m2) on a site of 0.21 acres
All buildings are currently let under a single lease expiring in July 2019, but has been sub-let into three separate units.
Location
The property is located 1 mile to the South West of Leicester City Centre and is less than half a mile from De Montfort University (DMU) main campus.
The area surrounding the property is considered the main student location for DMU.
There is easy access to the University, local shopping facilities adjacent (Lidl/Starbucks/Evans Cycles) and a range of retail and leisure services on Narborough Road and especially the popular West End around Braunstone Gate.
Leicester’s main railway station is within 1 mile and junction 21 of the M1 is some 3 miles to the south west.
Situation
This opportunity occupies a prominent position close to the junction of Upperton Road and Western Road 1 mile south west of Leicester City Centre.
The property is situated in a cul-de-sac created by the dissection of Western Road by the Upperton Road improvement works completed in 2009.
It has open/green space to three of its four elevations which will enhance any future development.
Nearby Student Schemes
- Upperton Road – 479 Beds
- Albion Court – 106 Beds
- Westdale Court – 58 Beds
- Liberty Park – 690 Beds
- The Summit – 114 Beds
Accommodation
The existing property provides the following accommodation:
The current student scheme proposed will provide an 85-bedroom student block made up of 61 studios and 6 four bedroom cluster flats over ground and 5 upper floors.
The estimated Gross External Area of the new scheme is 3,456m2.
Rates
Rated as three separate units as follows
Planning
Architects acting for the vendors have prepared a scheme for an 85-bedroom student scheme, plans for which can be found in the Data Room.
The current proposal is for the development of ground and five upper floors to provide 61 studio apartments and 6 four-bedroom cluster flats.
As part of the process, the architects sought pre-application advice from Leicester City Council Planning Department. Their response was positive, and a full copy of that response is provided in the Data Room.
Proposal
We are instructed to invite unconditional offers over £1m for the freehold interest subject to the current lease.
VAT
We understand that any purchase would be subject to VAT at the prevailing rate
Further Information
As the property is currently tenanted all viewings should be arranged through Intali.
For this and any further information please contact
Adam Burdett
0116 365 1111
07734 111005
adam@intali.com
