For Sale - Investment
For Sale - Investment Grade A Studio – Suitable for owner occupier or investor
PHOENIX SQUARE, STUDIO 6, 5 BURTON STREET, LEICESTER. LE1 1TB 88.6 Sq M (954 Sq Ft) £180,000 for the Long Leasehold
Suitable for investors & owner occupiers Small business rates qualification High quality offices/studio Current rental income £13,350pa Net initial yield 7.3%
INVESTMENT SUMMARY Grade A modern business space 5 year term expiring 28/02/18 Fixed term lease - contracted out Rent passing £13,350pa Offers in excess of £180,000 Net Initial yield of 7.3% after purchasers costs LOCATION Situated in the heart of Leicester's St George's cultural quarter and close to the train station. Being adjacent to the city's inner ring road it enjoys easy access around the city and to main arterial routes. The location is also within easy walking distance of the city centre amenities.
SITUATION
DESCRIPTION
Studio 6 occupies the ground and first floor within Phoenix Square being 1 of 7 similar studios within this high quality development. On site amenities include café, meeting rooms, cinema & media production.
The property is a grade A modern office/studio within an attractive complex.
TENANCY The property is let to an individual T/A Inkling Tattoo for a term of 5 years expiring 28/02/2018.
The accommodation is arranged over ground and upper floor. The ground floor has direct access off Burton Street and the first floor opens on to an attractive rear courtyard which separately leads to the Phoenix Cinema and workshops. Features include:
The lease is contracted out of the security provisions of the Landlord and Tenant Act 1954 (i.e. the tenant has waived rights should the purchaser require not to renew the lease).
TENANT DESCRIPTION
Est. 2013, Inkling Tattoo are a custom design tattoo studio specialising in creating unique pieces built upon concepts and ideas.
Grade A modern business space Low cost heating system Prominent street frontage for display and branding 1 cars plus access to public parking.
ACCOMMODATION DESCRIPTION
SIZE (SQ.FT)
SIZE (SQ.M)
Ground Studio
471
43.8
First Studio
482
44.8
TOTAL
954
88.6
PHOENIX SQUARE STUDIO 6, 5 BURTON STREET, LEICESTER. LE1 1TB INVESTMENT SUMMARY Grade A modern business space 5 year term expiring 28/02/18 (No break) Fixed term lease - contracted out
PROPOSAL The premises are held by way of leasehold for a term of 150 years from 25th August 2009 with a ground rent of £150 per annum. The ground rents double every 25 years. We are instructed to seek offers of in excess of £180,000. Assuming purchasers costs of 2.4% and a purchase at £180,000, this reflects a net initial yield of 7.3%.
Rent passing £13,350pa VAT Offers in excess of £180,000 Net Initial yield of 7.3% after purchasers costs
The property has been elected for VAT and therefore VAT will be payable. It is intended that the property will be sold as a TOGC.
ENERGY PERFORMANCE CERTIFICATE An EPC is available on request
CONTACTS: Jane Taylor BSc MRICS [email protected] Kelvin Wilson BSc (Hons) [email protected]
These particulars do not constitute any part of any offer or contract. None of the statements contained herein are, or are intended to be statements or representations of fact or opinion by either the vendor or Andrew & Ashwell or its employees or agents. Neither Andrew & Ashwell nor its employees or agents are authorised to make or give any representation, guarantees or warranties whatsoever in relation to the above premises. Interested parties must satisfy themselves by inspection or survey on any matter or statement contained in these particulars. The premises detailed in these particulars are offered subject to them not having been let, sold or withdrawn and Andrew & Ashwell will accept no liability for consequential loss arising from these particulars or any negotiations in relation thereto.
PHOENIX SQUARE, STUDIO 6, 5 BURTON STREET, LEICESTER. LE1 1TB 88.6 Sq M (954 Sq Ft) £180,000 for the Long Leasehold
Suitable for investors & owner occupiers Small business rates qualification High quality offices/studio Current rental income £13,350pa Net initial yield 7.3%
INVESTMENT SUMMARY Grade A modern business space 5 year term expiring 28/02/18 Fixed term lease - contracted out Rent passing £13,350pa Offers in excess of £180,000 Net Initial yield of 7.3% after purchasers costs LOCATION Situated in the heart of Leicester's St George's cultural quarter and close to the train station. Being adjacent to the city's inner ring road it enjoys easy access around the city and to main arterial routes. The location is also within easy walking distance of the city centre amenities.
SITUATION
DESCRIPTION
Studio 6 occupies the ground and first floor within Phoenix Square being 1 of 7 similar studios within this high quality development. On site amenities include café, meeting rooms, cinema & media production.
The property is a grade A modern office/studio within an attractive complex.
TENANCY The property is let to an individual T/A Inkling Tattoo for a term of 5 years expiring 28/02/2018.
The accommodation is arranged over ground and upper floor. The ground floor has direct access off Burton Street and the first floor opens on to an attractive rear courtyard which separately leads to the Phoenix Cinema and workshops. Features include:
The lease is contracted out of the security provisions of the Landlord and Tenant Act 1954 (i.e. the tenant has waived rights should the purchaser require not to renew the lease).
TENANT DESCRIPTION
Est. 2013, Inkling Tattoo are a custom design tattoo studio specialising in creating unique pieces built upon concepts and ideas.
Grade A modern business space Low cost heating system Prominent street frontage for display and branding 1 cars plus access to public parking.
ACCOMMODATION DESCRIPTION
SIZE (SQ.FT)
SIZE (SQ.M)
Ground Studio
471
43.8
First Studio
482
44.8
TOTAL
954
88.6
PHOENIX SQUARE STUDIO 6, 5 BURTON STREET, LEICESTER. LE1 1TB INVESTMENT SUMMARY Grade A modern business space 5 year term expiring 28/02/18 (No break) Fixed term lease - contracted out
PROPOSAL The premises are held by way of leasehold for a term of 150 years from 25th August 2009 with a ground rent of £150 per annum. The ground rents double every 25 years. We are instructed to seek offers of in excess of £180,000. Assuming purchasers costs of 2.4% and a purchase at £180,000, this reflects a net initial yield of 7.3%.
Rent passing £13,350pa VAT Offers in excess of £180,000 Net Initial yield of 7.3% after purchasers costs
The property has been elected for VAT and therefore VAT will be payable. It is intended that the property will be sold as a TOGC.
ENERGY PERFORMANCE CERTIFICATE An EPC is available on request
CONTACTS: Jane Taylor BSc MRICS [email protected] Kelvin Wilson BSc (Hons) [email protected]
These particulars do not constitute any part of any offer or contract. None of the statements contained herein are, or are intended to be statements or representations of fact or opinion by either the vendor or Andrew & Ashwell or its employees or agents. Neither Andrew & Ashwell nor its employees or agents are authorised to make or give any representation, guarantees or warranties whatsoever in relation to the above premises. Interested parties must satisfy themselves by inspection or survey on any matter or statement contained in these particulars. The premises detailed in these particulars are offered subject to them not having been let, sold or withdrawn and Andrew & Ashwell will accept no liability for consequential loss arising from these particulars or any negotiations in relation thereto.
