Summary - ELEVENTH FLOOR, 60, CHARLES STREET LE1 1FB
1 bed 1 bath Office
High-yield redevelopment with consented residential conversion and student potential.
Freehold high‑rise office: 47,560 sq ft (4,418.43 m²)
A substantial freehold investment in Leicester city centre, 60 Charles Street offers immediate rental income and clear redevelopment potential. The 47,560 sq ft office block is currently producing £478,464.53 p.a., with an estimated ERV of circa £515,000 p.a., and benefits from a comprehensive 2019 refurbishment to most floors and modern services including air conditioning and CCTV.
Planning consent (appeal decision dated 1 Nov 2022) permits change of use to 72 residential flats (Class C3), with ongoing discussions about a one‑storey set‑back extension that could add a further 6–7 units. Architects also indicate strong scope for student accommodation conversion (potentially over 80 units), making the asset flexible to multiple exit strategies.
Buyers should note practical constraints: the building sits in a deprived, high‑crime city neighbourhood and provides only nine covered parking spaces. The 10th floor was excluded from the 2019 works and may require additional investment. Despite these issues, the central location (close to major retail, transport links and university activity) supports residential demand and strong lettability for both private rented and student markets.
This asset suits investors seeking a city‑centre redevelopment with planning already secured, or owners wanting a multi‑scheme conversion to capitalise on Leicester’s youthful population and retail catchment. Costs for conversion, potential remedial works to the 10th floor, and management considerations in a busy central location should be factored into acquisition appraisal.
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