Property for sale

Odeon Arcade, Leicester, Leicestershire LE1

Odeon Arcade, Leicester - Freehold MixedUse Development Opportunity

A rare opportunity to acquire a prominent freehold city centre residential-led mixed-use development opportunity in the heart of Leicester.

Odeon Arcade is positioned between Market Place and Cank Street, overlooking the historic Leicester Market Place and close to the core city centre shopping district. The property occupies a highly visible location within Leicester’s Market Place Conservation Area and benefits from a distinctive retained frontage.

Full planning permission has been granted by Leicester City Council for the demolition of the existing cinema building and redevelopment to provide a new mixed-use scheme comprising 13 ground floor retail arcade units and 35 self-contained apartments above.

The consented residential accommodation is arranged as follows:

- 20 x 1-bedroom apartments
- 10 x 2-bedroom apartments
- 5 x 3-bedroom apartments

The completed scheme will provide approximately:

- 8,622 sq ft gia of retail accommodation
- 35,511 sq ft gia of residential accommodation
- 13 ground floor retail arcade units
- 35 apartments offering 1 to 3-bedroom accommodation

The ground floor is understood to be partially let and income-generating.

Leicester is an established East Midlands city with strong university, professional and city centre occupier demand. The location is within walking distance of De Montfort University, the University of Leicester and Leicester Railway Station, which provides direct mainline services to London and Birmingham.

Planning Reference: 2024/1596

Guide Price:
Offers are sought in excess of £2,000,000 for the freehold interest, subject to contract and exclusive of VAT.

VAT:
We understand the property will be treated as a Transfer of Going Concern for VAT purposes.

Anti-Money Laundering:
In accordance with aml regulations, the successful purchaser will be required to satisfy the vendor on the source of funds for the acquisition.

Further information is available on request.

Disclaimer:
These particulars have been prepared as a general guide only and do not form part of any offer or contract. All descriptions, dimensions, areas, accommodation schedules, planning information, images and CGI/design visuals are provided in good faith based on information supplied by the vendor and/or their professional advisers. They should not be relied upon as statements of fact.

Interested parties must satisfy themselves by inspection, planning enquiries, a measured survey, legal due diligence, a title review, VAT advice, and any other investigations they consider necessary. All areas are approximate. Images, plans and CGI/design visuals are for identification and illustrative purposes only and may not represent the final approved or constructed scheme.

Planning, consents, existing income, occupational status, VAT treatment and all other matters should be verified independently by the purchaser and their professional advisers. The agent accepts no liability for any errors, omissions or changes in circumstances.