Project Details
Introducing our brand-new, eagerly anticipated development in Leicester city centre, The Vera Mitchell Building, offering a unique opportunity to invest into and acquire a piece of premium real-estate within this rapidly changing and growing city, built by the city’s most renowned and trusted developer.
Led by a number of factors, growing demand is increasingly outweighing the supply of new, high-quality, inner-city accommodation in central Leicester - resulting in property prices and rental prices increasing faster than ever before. This investment opportunity offers a rare chance to take advantage of the situation in hand and generate lucrative capital growth and rental returns.
In addition, the development has approval for short-term-lets on a limited number of properties, to take advantage of the corporate lets market driven by its proximity to two major universities, hospitals & football stadium.
The project also provides you with a Secured Rental Income for 3 years with no management charges, this provides you with ultimate protection and higher net yields.
Situated less than 1km from the commercial-centre and almost directly adjacent to Leicester Royal Infirmary, The Vera Mitchell Building will occupy an excellent central position and will set new standards for city-living within the Leicester city postcodes.
The development also sits less than 200m from De Montfort University, putting residents within easy reach of shops, restaurants, theatres, parks and countless other amenities. The building itself will be a modern, multilevel development, rising up from a leafy residential street that is also home to older apartments, terraced houses and student accommodation.
Investment Highlights:
• Secured Rent for three years with no voids and no management charges*
• 122 spacious and contemporary studios, one-bedroom and two-bedroom apartments starting from £170,000
• Luxury high-spec finish with Designer Kitchens, Quartz Worktops, Smart Heating Systems
• Standard Yields upwards of 7%
• Short Term Let Approved by council & developer/freeholder - driving yields in excess of 16%
• Completion date Q2 2025
• 999 Year Lease - Virtual Freehold
• £0 Ground Rent & Service charge £1.94 per square foot per annum
• Fully-funded development being completed by Leicester’s most reputable developer
• 10 Year New Build Warranty
Why Leicester?
Here is a link to the Leicester Investment Guide: Leicester Investment Guide
• Leicester's economy currently stands at £24.5 Billion GVA. One of the largest per-capita of any UK city. This is forecasted to grow by 23% to £30.2 Billion by 2030 due to huge job creation (30,000 more by 2030) in multiple sectors including technology, advanced manufacturing and automotive
• Subsequently, population growth is expected to grow by 10% in the same period, providing further imbalance in supply and demand in property market and pushing prices upwards
• Property prices in Leicester increased in 2023. An achievement not to be overlooked in a market which saw them fall on average across the rest of the UK. A strong platform for future growth as the market opens up and interest rates begin to fall
• By 2050, local planners anticipate the need to accommodate approximately 187,000 new households, a target unlikely to be met at current building rates. Therefore, Leicester is poised to remain a lucrative market for investors now and in the foreseeable future.
• Leicester is home to 3 large universities creating graduate talent in multiple sectors
• Leicester set to outperform regional and national property price growth forecasts over next 5 years due to huge job creation, migration and increasingly high university retention rates of graduates
• Leicester property price forecast next 5 years = +26.2%. Regional forecast = +22.8%. National forecast = +21.6%
• Huge undersupply of high-quality rental accommodation due to increased demand is causing rapid increase in rental prices. Leicester has experienced a average 9.7% growth YOY for the last 3 years - resulting in rental yields on your investment increasing further into the future
• A host of regeneration schemes quickly transforming the look and feel of the city
Vera