Summary - FIRST FLOOR, 118, CHARLES STREET LE1 1LB
1 bed 1 bath Commercial Development
Central freehold block with income and rooftop development potential.
- Freehold commercial block of c.8,785 sqft (basement + 3 storeys)
- Current gross rent £64,600 per annum from three tenants
- All leases IRI and excluded from Landlord & Tenant Act 1954
- Positive pre-application for residential conversion and three-storey roof extension
- Sold by public auction 12/11/2025; guide price £700,000–£725,000
- Only two off-street parking spaces; garage and rear loading
- EPC ratings C; property requires façade/internal refurbishment
- Location in deprived area with very high local crime levels
A substantial freehold commercial block in Leicester city centre, offered with existing income and clear development upside. The property totals approximately 8,785 sqft across basement and three storeys, with large floor-to-ceiling windows, high ceilings, rear loading and two off-street parking spaces. Current gross rent is £64,600 per annum from a mix of gym, studio and community leases.
Leases are all on effective full repairing and insuring (IRI) terms and expressly excluded from the Landlord & Tenant Act 1954. Several leases include tenant break options; buyers should review each lease for break dates and obligations. EPC ratings are C across the main floors. The site is in St George’s conservation area close to the Cultural Quarter and Curve Theatre, which supports both commercial trading and residential conversion potential.
A positive pre-application response has been received for conversion of upper floors to residential and for adding three further storeys; written advice and indicative drawings are available (subject to formal planning approval). The lot will be sold by public auction on 12/11/2025, guided at £700,000–£725,000 — presenting a route for investor buyers seeking immediate income with medium-term redevelopment prospects.
Practical considerations: the location is in a deprived, high-crime neighbourhood with very high crime statistics, which may affect lettability and future residential desirability. Buyers should factor in façade and internal refurbishment, potential conservation-area constraints, and the implications of existing lease terms before purchase.
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