office
Ref 17485

Regent House and Waterloo House

80, Regent Road
LE1 7NH Leicester

To buyPlease contact us
Size46,739 ft² / 4,342 m² (approx. 430 desks)
Initial yield8%

Description

MULTI LET OFFICE INVESTMENT WITH ASSET MANAGEMENT POTENTIAL

Investment Summary

  • Strategically located in the heart of England, Leicester is the largest city in the East Midlands, with excellent road, rail and air connections
  • Highly prominent City centre office scheme within Leicester’s central business district, less than 250m from Leicester Railway Station and benefitting from frontage to Leicester’s inner ring road
  • Comprises two high quality adjoining office buildings – Regent House & Waterloo House, extending to 46,739 sq ft in total, with ancillary car parking
  • Regent House is an attractive, three storey Grade II Listed regency building, extending to 27,527 sq ft
  • Waterloo House is a modern, three storey office building, extending to 19,212 sq ft 
  • Car parking is provided to the rear of Waterloo House and also within an additional car parking site which offers future development potential for a variety of alternative uses, subject to planning
  • Multi-let to a range of high-quality professional tenants including Grant Thornton, Weightmans LLP, RG+P, Draycir and Everlight Radiology
  • Excellent recent history of tenant retention, lease regears and new lettings
  • Total rent of £611,787 per annum, inclusive of vendor guarantee on vacant accommodation
  • Attractive weighted unexpired term of 4 years expiry and 2.85 years to break
  • Excellent covenant strength profile with all tenants having “Very Low” or “Low” credit risk ratings
  • 11,234 sq ft of vacant accommodation in two refurbished suites provide an opportunity to drive rents and value in the short term
  • Freehold

Proposal

Offers are sought in excess of £6,750,000 (Six Million, Seven Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT, for the freehold interest. A purchase at this level reflects an attractive Net Initial Yield of 8.50% and a low capital value of £144.42 per sq ft, assuming standard purchaser costs.

Energy rating

Energy rating C-D

Location and Transport

Leicester is the main commercial centre and administrative capital of Leicestershire. With a population of 353,000 (2017) Leicester is the largest city in the East Midlands and tenth largest city in the United Kingdom. The city’s fast growing and youthful population drives a £23.5 billion economy, which has led to its status as the UKs leading city for tech start-ups and the 2nd best place in the UK to start a business. Strategically located at the heart of the UK within the East Midlands region, Leicester is situated approximately 27 miles south of Nottingham; 28 miles north east of Coventry; 45 miles east of Birmingham; and 103 miles north of London. Leicester is enjoying a period of sustained prosperity and is a major driver of economic development in the UK. This is in part due to its strategic central location, excellent transport infrastructure, and the city’s diverse and highly educated workforce. The city has attracted major international businesses including Walkers Crisps, IBM, Hastings Direct, BT, Land Registry, Mattioli Woods, British Gas, National Grid, HSBC and Next Plc. among others. Leicester is also home to world class sporting sides Leicester Tigers Rugby Club and Leicester City Football Club.