Horsefair House_Property for Sale
Horsefair House_Property for Sale
1-5 Horsefair Street, Leicester, LE1 5BP, UK

Horsefair House

Asset Description

The property comprises a six-storey office block erected in the early 1970’s and constructed of a reinforced concrete and steel frame with brick and glazed elevations under a lead covered mansard roof. The office areas are accessed off Horsefair Street via a terrazzo tiled reception area with concierge desk, with a stairwell and two Otis 8 person (540kg) lifts. WC facilities are on alternate floors (M 2nd & 4th floors/F 1st, 3rd and 5th floors) though some tenants have installed their own in addition. Suspended grid ceilings with inset lighting are fitted, and floors are carpeted. The fifth floor is air conditioned, the landlord installed a new air conditioning system in 2021 to third and fourth floors, and the tenants on first and second floors have installed their own cassette air conditioning units or electric panel radiators. Gas fired boilers are installed in the basement but not currently used.


There are two retail units, with one double fronted to Horsefair and to Market Place. At basement level, served by a goods lift, is a nightclub trading as “Waikiki Night Club”. The main nightclub dance area and bars are fitted with vaulted ceilings in the area under Market Place South. There is male and female toilet accommodation, a further bar area, secure rooms for beer coolants etc. and a small office which are all located in the remaining part of the basement area under the main building. Access to the nightclub is via a staircase from Market Street.

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Attributes

Building area net
30,780 sf
Investment strategy
Value Add
Asking price
HK$24,652,000

Media

Investment Highlights

  • Leicester is one of the major centres in the East Midlands with a population of circa 368,000.
  • Communications are excellent with the M1 and M69 motorways to the south-west, rail services to London (St Pancras) in 1 hour 3 minutes, and East Midlands Airport 15 miles to the north-west.
  • Prominent location with three aspects, overlooking the Town Hall Square, Market Place and Gallowtree Gate close to Marks & Spencer, Boots, WH Smith, Sports Direct, National Westminster Bank, TSB Bank, Caffe Nero, Pret a Manger and numerous other national retailers.
  • Leicester Council are proposing a £7.5m redevelopment of Market
  • Place to create multi-functional space that will stage specialist markets, festivals and other events to drive footfall and regenerate the area.
  • 30,780 sq ft (2,859.53 sq m) retail, leisure and office accommodation arranged over basement, ground and five upper floors.
  • Subdivided into suites appealing to a variety of occupiers, with two retail units at ground floor, and a nightclub in the basement.
  • Consent for “Change of Use of basement from Sui Generis to Class E; Part of ground floor to fifth floor from Class E to Class C3. Construction of fifth Storey Infill to create 40 flats (23x studio, 13x 1bed, 4x 2bed) and replacement of windows (as amended)”.
  • Annual rental income agreed of £187,332 pa, and ERV of circa £243,042 pa.
  • Freehold
Horsefair House 4_Property for Sale
Horsefair House 4_Property for Sale

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Horsefair House (0 Properties)

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Last updated
5 Mar 2024