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News - 02/05/2013

LSH brings £3m Leicester shopping arcade to market

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We have been appointed to market a historic Victorian shopping arcade in Leicester following an impressive £3 million restoration.

Silver Arcade, which is being marketed by our Leicester and London offices, was built in the 19th century by local architect Amos Hall and is one of only two four-storey shopping arcades in the UK.

20 retail units available in unique city centre location

The magnificent building, located at the heart of the city’s retail centre, comprises 20 retail units located at the entrance to The Lanes - a distinct and unique quarter of the city centre that offers an eclectic variety of retailers.

The refurbished arcade will form a natural link for shoppers from Leicester’s famous open market to other parts of the city’s retail offering including the nearby St Martin’s shopping centre, Malcolm and Royal arcades, and Highcross.

Sympathetic refurbishment for iconic building after 10 years of closure

Martin Herbert, Director in our Leicester office, said: “After being closed for the past 10 years, Silver Arcade has now been refurbished to a very high standard and its close proximity to the city centre’s existing retail offering will appeal to new tenants.

“The current owners have created a vibrant, modern and economically sustainable commercial development capable of benefitting from the unique character and design of the Victorian arcade within which it is located.

“The design strategy has been to restore the original building, enhancing both its inherent character and design integrity whilst at the same time providing new elements that acknowledge changes in the way the building is used and occupied

The accommodation, over four floors, comprises:

Ground floor: Five retail units from 402 sq ft to 1,867 sq ft.

First floor: Seven retail units from 269 sq ft to 1,523 sq ft

Second floor: Six retail units from 277 sq ft to 2,243 sq ft

Third floor: Full planning permission for restaurant/bar use. Two units of 3,165 sq ft and 1,173 sq ft.

Each unit is fully equipped with lighting, plug and telephone sockets, commercial internet points, water connection and drainage systems, intruder and fire alarms, and heating.

The property has two passenger lifts from ground to third floor plus staircases, a separate service lift from the basement to third floor, glazed shopfronts, integrated CCTV and fire alarm systems. Retailers will also have access to an on-site management team.

Significant interest expected from retailers

Martin added: “The building is unique, being only one of two four-storey shopping arcades in the country. After many years spent on a sympathetic refurbishment, we are now seeking expressions of interest from national, regional and local retailers to take space in the arcade.

“There is huge interest locally for what has always been an iconic building within the city. We are already in discussions with some local retailers for upper floor units, involving such uses as designer clothing and home interiors but would welcome further expressions of interest from any party that can add to the mid/upmarket vibrancy this scheme will no doubt bring to the city centre and which the building deserves.”


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