Former office building to sell for £2.6m
AIM-listed property investment firm Real Estate Investors is expected to complete the £2.6m sale of Citygate House in Leicester this month after a developer was given the green light to create 22 flats and 34 studios at the property.
Leicester City Council has granted Middlesex-based company Student Vault Management permisson to create the new residential development.
Paul Bassi, chief executive at Birmingham-based REI, believes there is a pent-up requirement to trade in the Midlands which could lead to an increase in similar deals.
He said: “The Midlands has begun the process of preparation for the 2022 Commonwealth Games and the Coventry City of Culture in 2021 and REI is well placed to benefit from the increased activity and opportunities that such major initiatives and events bring to an already vibrant region.”
The building on St Margaret’s Way, which was previously home to a block of class B1 offices, comprises 18,000 sq ft of space over three floors.
