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Commercial Property for sale

Charles Street, Leicester

£550,000

Property Description

Full description

This is an excellent opportunity to acquire a City Centre commercial investment occupied by one of Leicester's most popular restaurants which has been trading from this location for over 25 years. The lease has 11 years unexpired at a current rent of £35,400 per annum and with e rent review due in 2018. The premises lie opposite the Haymarket Shopping Centre and nearby occupiers include Primark, H&M, Marks and Spencer and Superdrug.
The building is arranged on three floors with a restaurant, bar and kitchen at ground floor, a further restaurant at first floor and living accommodation and stores on the second floor.

Situation - The property is situated on the east side of Charles Street at its junction with Kildare Street on the edge of Leicester's prime retail core. The building lies opposite the Haymarket Shopping Centre and close to Humberstone Gate which is home to major retailers such as Primark, Marks and Spencer, H&M, Superdrug and New Look.

Charles Street is a very busy thoroughfare with a high pedestrian footfall and with a major bus station close to the property.

In the 2011 Census, the population of the Leicester City Council area was approximately 330,000, the highest in the East Midlands, with approximately 510,000 in the wider Leicester urban area. It is, therefore, the tenth largest city in the UK and Englands 11th largest urban area.

Leicester is situated adjacent to the M1 at its intersection with the M69 and, road communications are very good. The Midland Mainline Railway serves the city and the journey time to London St. Pancras is just over an hour. Furthermore, East Midlands Airport is approximately half an hours drive away.

There are two large universities, the University of Leicester and Leicester De Montfort with a combined population of approximately 30,000

Major employers include the two universities, Pepsico, Next Plc, Santander, Samworth Brothers, Crown Crest Group, Shoe Zone Group and Topps Tiles.

Leicester has a broad industrial and commercial base with nearly 25% of the population working in the manufacturing sector compared with a national average of 15%.

Description - The property comprises a three-storey commercial building of brick construction with a flat, concrete roof and concrete floors. The accommodation is well-fitted throughout and is occupied as the Peking Restaurant.

It has a restaurant, bar and kitchen at ground floor, a further restaurant/function room and kitchen/prep room at first floor and living accommodation and stores at second floor.

Accommodation - The property has the following net internal floor areas which have been measured in accordance with the RICS Code of Measuring Practice.
Ground Floor
Bar 35.0 sq. m. (377 sq. ft.)
Restaurant 70.0 sq. m. (753 sq. ft.)
Kitchen 42.9 sq. m. (462 sq. ft.)

First Floor
Restaurant 97,7 sq, m. (1052 sq. ft.)
Kitchen 14.1 sq. m. (152 sq. ft.)

Second Floor
Stores, etc. 136.7 sq. m. (1471 s. ft.)

Services - The property is connected to main electricity, gas, water and drainage services.

The services and installations have not been tested by the agents and are assumed to be in working order. Prospective tenants should make their own enquiries.

Planning - The property has Planning Permission for A3 Restaurant and Cafe use.

Business Rates - The property is described in the 2010 Rating List as Restaurant and Premises with a Rateable Value of £23,250.

Lease - The property is let to Maureen Chan for 21 years from 24th August 2006 on full repairing and insuring terms at a current rent of £35,400. Rent reviews are at 4-yearly intervals to market value.

Rent - £35,400 per annum.

Price - Offers are invited in the region of £550,000.

Energy Performance Certificate - An EPC has been obtained and the current rating is 65. A copy is available on request.

Costs - Each party is to be responsible for their own costs in respect of the transaction.

Value Added Tax - VAT is not payable on the sale.

Viewings - Viewings must be arranged through Andrew Granger & Co. Please contact Kevin Skipworth on 0116 2429938 or email kevin.skipworth@andrewgranger.co.uk


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