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Having been given the green light from Leicester City Council to demolish existing commercial units in the surrounding area for the planned Lee Circle 92-apartment complex, recent news has revealed the asking price has now dropped by £300,000.

Work is yet to begin on the site has since going on the market last October and the price has now dropped from £2.5 million to £2.2 million which has got potential interested parties talking.

Already an intriguing proposition for flush landlord groups or individuals looking for purpose-built MHOs to add their portfolio, the drop to the asking price should definitely pique the interest for those who want long-term investments.

The new, proposed would be ideal for modern student accommodation with the six and seven-storey building will accommodate 92 flats – including one studio flat as well as 59 one-bedroom apartments, thirty-two two-bedroom flats along with a communal amenity space and facilities

Listings make clear that the site is “on the edge of the Central Shopping Core in Leicester” with the Haymarket Shopping Centre just a few minutes away. Entertainment is also close to hand with the Curve Theatre also located nearby - something agents believe makes the site an attractive proposition.

Estate agents Taylor Freeman Kataria said: “[The site has] easy access to the rest of the facilities that the city centre has to offer. This includes the shopping amenities, services and evening life, major employers such as the two universities and the Leicester Royal Infirmary, office areas in New Walk and around the railway station, and The Curve theatre in the Cultural Quarter.”

The site is also a perfect opportunity for buyers to convert into potential student accommodation according to the agents. That idea would be subject to relevant planning permissions though, but if granted would follow in the footsteps of similar schemes in the city, including plans for 125 student flats in St Nicholas Circle which are awaiting the green light.

Taylor Freeman Kataria also make clear that the proposed flats are within walking distance of Leicester’s main transport hubs, including the Haymarket Bus Station, St Margaret’s Bus Station and Leicester Railway Station. Access to the site can be reached from Lee Street itself, with the Lee Circle car park overlooking the area.

More information about the proposed Lee Circle complex can be found online.

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