1 St Peters St 3,270 sq ft Office Property Leicester LE7 1HL £400,000 (£122.32/sq ft) 6.88% Net Initial Yield

Investment Consideration:
Gross Initial Yield: 6.88%
Rental Income: £27,500 p.a.
VAT is NOT applicable to this property
Comprises ground floor veterinary practice with residential accommodation above
Entirely let to Medivet Group until 2032 (no breaks) Rent review every 3rd year.
Property benefits from rear yard suitable for parking 2-3 cars
Future residential development potential, subject to planning and vacant possession
Located within short walk to Syston train station with nearby occupiers including a wide range of local traders.
Property Description:
The property comprises ground floor veterinary practice with residential accommodation above. The property benefits from 2-3 parking spaces at rear and provides the following accommodation and dimensions:
Ground Floor: Practice 120 sq m (1,291 sq ft)
Basement: Ancillary 29 sq m (312 sq ft)
First Floor: Residential 115 sq m (1,237 sq ft)
Self-contained. In need of modernisation.
Second Floor: Residential 40 sq m (430 sq ft)
Self-contained. In need of modernisation.
Total area size: 304 sq m (3,270 sq ft)
Tenancy:
The property is at present let to Medivet Group Ltd for a term of 15 years from 1st March 2017 at a current rent of £27,500 p.a. and the lease contains full repairing and insuring covenants. Rent review on 1st March 2026 and 2029 (open market upward only). Rent review in March 2023 outstanding. No breaks.
*Medivet was founded in 1987 and now operates over 350 branches across the UK. In 2021 CVC Capital Partners acquired Medivet for in excess of £1bn. ().
Location:
Syston is a town and civil parish in the district of Charnwood in Leicestershire. The town is adjacent to the A607 which links to the A46. Syston Station provides direct and regular services to Leicester (11 minutes). The property is situated on the west side of St. Peters Street, on its junction with Melton Road. Occupiers close by include a wide range of local traders.