87 to 91 High Street Leicester Leicestershire LE1 4JB

87 to 91 High Street
Leicester
Leicestershire
LE1 4JB

Freehold Retail and Office Investment

Comprises a Restaurant, Offices and a Basement Commercial Unit .
Restaurant let on a New 15 Year Lease until 2038
Restaurant subject to 5 Yearly Rent Reviews Linked to the Retail Price Index (RPI) Subject to a Minimum of 1% and a Maximum of 3% Per Annum Compounded
Offices let to Safe Computing Limited (Part of Access UK Limited)
Approximately 1,689.06 sq m (18,181 sq ft)
Situated in major University City Centre
Adjacent to Major 120 Unit Highcross Shopping Centre
Neighbouring Major Occupiers include Apple, John Lewis, Timberland, Levis and Footlocker

Lot
37
Auction
13th July 2023
Rent
£105,000 per Annum Exclusive
rising to £115,000 in June 2026 (1)
Status
Sold
Price
£920,000
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

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Freehold Retail and Office Investment

Comprises a Restaurant, Offices and a Basement Commercial Unit .
Restaurant let on a New 15 Year Lease until 2038
Restaurant subject to 5 Yearly Rent Reviews Linked to the Retail Price Index (RPI) Subject to a Minimum of 1% and a Maximum of 3% Per Annum Compounded
Offices let to Safe Computing Limited (Part of Access UK Limited)
Approximately 1,689.06 sq m (18,181 sq ft)
Situated in major University City Centre
Adjacent to Major 120 Unit Highcross Shopping Centre
Neighbouring Major Occupiers include Apple, John Lewis, Timberland, Levis and Footlocker

Lot 37
Auction 13th July 2023
Rent £105,000 per Annum Exclusive rising to £115,000 in June 2026 (1)
Status Sold
Price £920,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

Property Information

Location

Miles: 45 miles north-east of Birmingham, 30 miles south of Nottingham, 20 miles east of Coventry
Roads: A6, A47, A563, M1
Rail: Leicester Railway Station
Air: East Midland Airport

Situation

The property is situated in the heart of Leicester City Centre on the northern side of the busy and pedestrianised High Street and adjacent to the major 120 unit Highcross Shopping Centre with major occupiers including Apple, John Lewis, Timberland, Levis and Footlocker.

Tenure

Freehold.

Location

Miles: 45 miles north-east of Birmingham, 30 miles south of Nottingham, 20 miles east of Coventry
Roads: A6, A47, A563, M1
Rail: Leicester Railway Station
Air: East Midland Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial building with restaurant accommodation on the ground floor, a self contained vacant commercial unit in the basement and self contained offices on the first & second floors.

The property also benefits from a yard to the rear which allows for rear access and parking.

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

EPC

Please see the legal pack.

Description

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

EPC

Please see the legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Rent Review (Reversion)
Ground	Restaurant	571.91	(6,156)	BULGARI HOLDINGS LIMITED (crn: 13310959)	15 years from 05/06/2023	£60,000 (1)	05/06/2028, 05/06/2033 (04/06/2038)
Basement	Commercial	494.24	(5,320)	VACANT POSSESSION	-	-	-
Ground Floor Entrance & First Floor	Office	506.41	(5,451)	SAFE COMPUTING LIMITED (crn: 01202124) (2)	24/10/2011 until 02/05/2025	£30,000	(02/05/2025)
Part Second Floor	Office	116.50	(1,254)	SAFE COMPUTING LIMITED (crn: 01202124) (2)	25 years from 03/05/2000	£15,000	(02/05/2025)
Second Floor South Side of Freehold	Office	-	-	SAFE COMPUTING LIMITED (crn: 01202124) (2)	125 years from 13/03/2000	A PEPPERCORN	(12/03/2125)
Total Approximate Floor Area		1,689.06	(18,181)			£105,000 rising to £115,000 (1)

(1) As to the ground floor restaurant unit, the initial rent reserved under the terms of the lease is £60,000 per annum exclusive. The lease provides for a 12 months rent free period and a further rent concession of 50% for the next 6 months. The seller will pay the buyer a sum equivalent to the rent that would of been due to be paid in absence of the rent free and rent concession period. Therefore the property will produce £60,000 per annum exclusive from completion of sale. The lease also provides for a fixed increase in rent to £65,000 per annum exclusive on 05/06/2025 and to £70,000 per annum exclusive on 05/06/2026. The lease is exclided from the Security of Tenure provisions of the Landlord and Tenant Act 1954.

(2) Safe Computing Limited (crn: 01202124), now part of Access UK Limited (crn: 02343760), is a vibrant Leicester-based software & services company. For the year ending 30th June 2022, Access UK Limited (crn: 02343760) reported a turnover of £434,381,000, a pre-tax profit of £29,743,000 and a shareholder funds of £343,028,000 (Northrow 13/06/2023)

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.