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Nestled in the heart of the Midlands, Leicester is a dynamic, vibrant region that offers a diverse array of experiences for those seeking to eat, live, work, and unwind. The city boasts one of the country's top green transport networks, with substantial investments in a zero-carbon bus station, an electric bus fleet, and enhanced cycle routes—acknowledged as a national success.
This development unveils an exciting prospect: the creation of a mixed retail center alongside a new key thoroughfare in the city center. The project involves the demolition of units 14 and 16 Market Place to enhance connectivity between the markets at Cank Street and St Martins Square. The remaining properties at 12, 18, and 20 present an exclusive opportunity for Retail (Class E) and Bars/Restaurants in a prominent regeneration location.
The property features a ground floor retail unit with first and second-floor space, all adaptable for Retail and Sui Generis class use. The ground floor boasts a single-glazed double frontage onto Market Place, with additional access points onto Cank Street and St Martins Square at the building's rear. Units will be delivered in a shell and core state, ready for occupiers to customize.
With Planning Permission E (Sui Generis), the property is available for lease on a Fully Repairing Insurance (FRI) basis. A new access route is in the works, designed to boost foot traffic, and the property can be accessed primarily from the front of Market Place or via Cank Street at the rear. Lease terms start at a minimum of 25 years, offering a long-term commitment for prospective tenants.
LOCATION
The property is located fronting Leicester Market, with Cank Street and St Martins square to the rear of the demise. Highcross shopping Centre, Gallowtree Gate and Clock Tower are located nearby, as well as many retailers being in close proximity to the property. Such a central location within the city centre implies that there is excellent amount of footfall flowing throughout and is easily accessible for the public.
OPPORTUNITY
Total Gross internal area of building – 436 m2, made up of ground and first floor space, with the site area of the demise at 0.3 acres.
SITE INFORMATION
There is an extant planning permission (ref: no 20202082) for a number of works including the demolition of numbers 14-16 and the change of use of part the ground floor from storage to café.
Demolition of numbers 14-16 to have commenced; we would expect this to be at least the removal of the roof.
Change of use of the ground floor from storage to café (the ground floor could subsequently be used as any Class E use).
The full description reads: “Demolition of part of building and change of use from retail (Class E) and storage (Class B8) to public open space (Sui Generis); change of use of part of ground floor from storage (Class B8) to cafe (Class E); installation of shopfronts; construction of gable walls with shopfronts to sides; construction of raised roof heights; landscaping and alterations.
APPLICATION DETAILS
The application information including Site Boundaries, FAQs, Draft Heads of Terms, and the Application Form can be found using the links below.
The closing date for submissions is Friday 15th March 2024, 12:00. Contact details can be found within the EOI.
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However, while this project is certainly appealing for new and expanding businesses, securing a lease, especially with a minimum 25-year term, can be financially demanding. Prospective tenants will need to carefully consider financing options, whether through business loans, credit lines, or potentially using personal resources like credit cards to cover the upfront costs of renovation and setup. For those with less-than-perfect credit, options like payday loans or short-term high-interest loans might be tempting, but they can lead to financial strain, especially when factoring in the long-term commitment.
It’s crucial to strike a balance between investing in such a great opportunity and managing debts responsibly. Exploring flexible https://www.linkedin.com/pulse/immediate-50-fast-easy-ways-get-cash-now-denys-volhin-mnqsf/ options or discussing terms with financial advisors can help business owners mitigate risks and avoid the pitfalls of high-interest debt. Leicester’s growth is promising, and for businesses willing to take the plunge, a strategic approach to financing can ensure success in this vibrant, regenerating city center.