Multi-let office and leisure investment

One of Leicester’s most prominent office buildings, situated in a prime CBD location within a 2 minute walk to Leicester Station offering a direct train to Central London in only one hour. Offering 58,267 sq ft (NIA) of offices over five floors and a 26,916 sq ft (GIA) leisure unit. The property is let to eight tenants at a passing rent of £976,902 pa with a WAULT to the breaks of 3.89 years and a WAULT to lease expiry of 5.71 years. The office is multi-let with only 9% vacancy and recent letting activity providing evidenced demand and a reversionary ERV. The leisure unit is single let to the only trampoline park in Leicester, with no competition nearby and abundant local demand. The office offers a low average passing rent of £14.47 per sq ft, offering substantial reversion as the most recent letting in the building the ground floor suite was agreed at £16.50 per sq ft (ERV on upper floors is assumed to be ahead of this level). Reversionary income profile with the majority of the space having outstanding or upcoming rent reviews within the next 12 months. Prime office rents within Leicester now £20.00 per sq ft (+). The Trampoline Park is let off a low rent of £4.46 per sq ft. The property occupies a 2.55 acre site, offering great scope for future long term redevelopment.