Grandeur Capital Ltd has acquired the leasehold, for an undisclosed price, of the upper three floors of 171-173 Charles Street after agreeing the sale with national commercial property consultancy Lambert Smith Hampton (LSH), which was appointed to market the property on behalf of the landlord.
Shezad Tayub, of Grandeur Capital Ltd, who has completed a number of office to residential conversions in Leicester over the past three years, said work has just begun to overhaul the dilapidated building and create 10 high quality one-bedroom apartments and four studios.
He aims to complete the conversion of the first, second and third floors, which total 7,137 sq ft, and have the apartments rented to young professionals, by November next year. He expects the value of the property to be about £1.3 million when it is finished.
“I secured planning permission as we went through the conveyancing process so we are ready to go on site as soon as possible,” he said. “The building will look completely different by the time I have finished and the building team has completed the full conversion work.
“Charles Street is right in the city centre, making it ideal for young professionals who want to live and work centrally. It’s also a very short walk to the railway station and all the shops and restaurants are on the doorstep.”
Robbie Farrell, surveyor at LSH in Nottingham, said the upper floors were originally marketed for rent, but the landlord agreed to sell the floors, with a 999-year lease. The ground floor, occupied by Optimax eye clinic, will not be affected by the acquisition.
“The upper floors of the property have lain empty for a number of years, so it is great news that this city centre building will be used for much-needed residential accommodation. There is considerable demand for city centre living now, and we are seeing a lot of residential development taking place in this area of Leicester.”
He added: “The space internally on the three levels is in a fairly dilapidated state, having not had tenants for more than 10 years. Converting and utilising unwanted Grade C space, such as the upper floors at 171 to 173 Charles Street, assists with keeping Grade B office availability levels steady whilst stock is so tight in the city centre.”