£2.6m deal to sell former office block to be completed in December

The £2.6m sale of a former office building in Leicester is set to complete next month – two years after it first agreed.

AIM-listed property investment firm Real Estate Investors agreed the deal to sell Citygate House to Middlesex-based company Student Vault Management in 2018. The developer was given the green light to create 22 flats and 34 studios at the property last September.

REI has received ongoing rental income during the interim period.

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.