59-61 Braunstone Gate, Leicester

Freehold for Sale

Price: Offers in the Region of £480,000 Ex VAT

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Mixed Use Investment opportuity in the heart of Leicester

Key Points

  • 357.6 sq m Gross Internal Area - (3,849 sq ft)
  • Investment sale of mixed use property in centre of Leicester
  • Basement, Ground & First Floor let as licensed pub/bar
  • Second Floor let as residential accommodation
  • Excellent location close to De Montfort University
  • Total income c. £36,000pa

Location

The property is situated on Braunstone Gate in the densely populated inner city suburban district of Leicester. The property lies just to the west of the city centre and is situated amongst numerous other pubs, bars and restaurants that make up the Braunstone Gate/ Narborough Road area. Numerous retail outlets are prevalent and the property backs onto the car park of a large Tesco supermarket. Leicester is a principal city in the East Midlands, lying just to the east of the M1 motorway. The city lies approximately 24 miles north east of Coventry, 26 miles south of Nottingham, 15 miles south west of Melton Mowbray and 10 miles south of Loughborough. Leicester has a population of 329,900 as of the 2011 census.

Property

The property encompasses a bar, trading as the Laundry Bar, over the basement, ground and 1st floors and a three bedroom residential flat, let out separately over the second floor. 59-61 Braunstone Gate is a three-storey mid terraced property of brick construction beneath a pitched slate tiled roof and a single storey, flat roof extension to the rear. Dating back to the 19th Century, the property is an attractive construction with front facing dormer window projections and ground floor glazed sliding folding doors, allowing al-fresco dinking and dining.

The Laundry Bar trading areas briefly comprise an entrance door from Braunstone Gate leading to the ground floor bar area with wood panelled bar servery with tiled wall back bar, wooden flooring and wood panelled walls and a central stairway to the first floor. A disabled W.C. is located to the rear of the ground floor.

Over the first floor, the landing provides access to the Ladies & Gents W.C.s and a lounge area commercial kitchen. The Laundry Bar also has the basement level which is used as a beer cellar and storage.

The second floor has its own separate access and comprises a self-contained flat with three bedrooms, a domestic kitchen, bathroom and lounge. 

Tenure

The Laundry Bar occupies the basement, ground and first floors on a 5-year Lease from 22/02/2016 let to Indigo Pubs & Bars. The lease is a Free of Tie agreement, with the current rent being £25,647 p.a. excluding VAT, payable monthly in advance.  The rent is subject to annual indexation.

The second-floor accommodation is let out separately on 12 month contracts commencing every July. The accommodation is let to students studying at the nearby University via a local agency deriving an annual income of £10,000 pa. 

Utilities

We are advised the property is connected to all mains services. All the services have been separated and are individually  metered, with the exception of water which is paid for by the Laundry Bar which is recompensed £300pa (paid monthly over a 10 month period).

Rates & Charges

Business Rates
(based on a Rateable Value of £18,500)
The Laundry Bar attracts Business Rates payable of c.£8,880
Council Tax
Available on enquiry

59-61 Braunstone Gate
Leicester
Leicestershire
LE3 5LH