6/8 Market Street, Leicester
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Atlas Real Estate has recently completed the freehold acquisition of a prime retail investment on behalf of a private investor.
The property is prominently situated on the pedrestrianised Market Street in Leicester city centre. The property comprises a ground floor retail unit (1,843 sq.ft), basement storage (681 sq.ft) and two upper floors of offices (2,709 sq.ft).
The rent is £90,000 per annum. The lease is held on full repairing and insuring terms subject 5 yearly upwards only reviews. The tenant has an option to break the lease at the end of the 10th year.
The two upper floors are sub-let to Kelly Services (UK) Ltd for a term expiring 9 October 2012 at a rent of £15,200 per annum.
The property was sold for £1,150,000 which represents a net initial yield of 7.40% assuming full costs of purchase of 5.75%. The property was sold by Hinckley and Rugby Building Society who were represented by Johnson Fellows.
