Three properties that overlook Leicester’s new market square have been purchased by the city council as part of its ongoing plans for the regeneration of the market area.
The block of buildings – from 12-20 Market Place – comprises one vacant unit, one that is in use as a charity shop, and one large unit that is currently being leased by the council to provide storage space for the market traders.
By buying the properties, the city council will secure the site to support its regeneration plans for the market area – and have the potential to generate significant income from the two available units. It will also save the £45,000 it currently pays in rental each year for the market’s storage space.
Together with the properties, the city council has also bought the car park at the rear of the block at 42 Cank Street. The total purchase price for the properties and land was just under £1.8million.
City Mayor Peter Soulsby said: “These properties are in a very prominent position, overlooking our new market square and adjoining Cank Street, close to the shops and bars of St Martin’s Square.
“This key location means that the buildings are likely to increase in value, making this a sound investment for the city council and giving us the potential to secure some attractive rentals from the available units.
“Buying these properties also gives us an opportunity to consider redeveloping the site in future, potentially creating better connections between the market, St Martin’s Square and High Street that would encourage greater footfall around the market area and help attract new investment to this part of the city centre.”
In addition to saving the council £45,000 a year, the council estimates that the rental potential for the site could be in the region of £56,000 per annum.