ADDRESSLeicester Victoria Park Portfolio, Leicester, LE2 0NN
TYPEOther, Other Property Types & Opportunities
TENUREInvestment Opportunity, Under Offer, For Sale Freehold
POSTED ON19th May 2022
The portfolio is principally clustered on Severn Street (4 properties comprising 16 flats). Around the corner is 41 Connaught Street (1 property comprising 2 flats). Less than 1 mile south in Clarendon Park is 8 Clarendon Park Road (1 property comprising 4 flats) and 234 Avenue Road Extension (1 house).
The Portfolio comprises a stabilised income producing residential Investment which is clustered on the edge of the Leicester city centre and the University of Leicester. It is made up of 7 properties incorporating 23 self-contained units, being a mix of 22 flats and 1 house. Each property is Victorian and constructed of traditional brick elevations under tiled or slate covered roofs. Windows are in the vast majority UPVC double glazed. The decorative condition is varied across the portfolio but is generally good, but would benefit from modernisation in part which would in turn lift the rent.
There is the opportunity to buy and hold a stabilised Private Rental Sector (PRS) well clustered portfolio in a key strategic location within the East Midlands, within walking distance of the city retail core, train station and the University of Leicester. There are operational opportunities to refurbish and improve rents which we consider, even in their existing decorative condition, have reversionary capabilities. There is no Article 4 Direction covering the four Severn Street properties and so a conversion from C3 Residential to C4 HMO may be possible here, subject to the relevant consents and licensing.
Leicester Victoria Park Portfolio, Leicester, LE2 0NNGBLeicester CityLE2 1XD201, Victoria Park Road