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4 Coral Street, Leicester, LE4 5BD
£225,000 OIRO
An excellent opportunity to acquire a versatile freehold commercial premises, offering a large open hall space suitable for a wide range of business uses (subject to any necessary consents).
Currently let and operating as a salon trading as Salon 74, the property generates an income of 1,300 per calendar month, which is considered Fair Rent rather than Market Rent, presenting clear asset management and rental growth potential. The tenant is currently holding over with no lease agreement in place and has confirmed they are open to taking a new lease, offering flexibility for an incoming purchaser.
The property benefits from a flexible internal layout that can be easily adapted to suit alternative commercial or community uses. The accommodation includes a spacious main hall, a separate kitchen area, and W/C facilities, making it practical for immediate investment or future repositioning.
The tenant will not be affected by the sale of the long leasehold, and the property will be sold subject to the existing occupation. A new 99 year lease is proposed from completion, with a ground rent of 100 per month.
This property would appeal strongly to investors seeking a secure income producing asset with scope for future uplift and adaptable commercial space.
Further details, measurements, and planning information to be provided.
Property Features:
- Offers in the region of 225,000
- Large open hall / main commercial space
- Currently let to Salon 74
- Passing rent of 1,300 per calendar month (Fair Rent)
- Holding over - tenant open to a new lease
- Asset management opportunity with rental growth potential
- Kitchen facilities
- W/C
- Investment opportunity
- Sold with a sitting tenant
- New 99-year lease from completion
- Ground rent: 100 per month
Location & Amenities:
Interested? Contact Ruut Homes today to arrange a viewing.
Map location is not available for this property.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
4 Coral Street, Leicester, LE4 5BD
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