In My View: Dillhan Sharma Dillhan Sharma
We have just completed the unconditional sale of Arnhem House, historically one of Leicester’s Grade A office buildings lying adjacent to the railway station and totalling approximately 55,000 sq ft. Originally con- structed for Royal and Sun Alliance, more recent occupiers in the building have been Next Directory, Tribunals Service and Hogg Robinson Travel. Since Covid, the change in working patterns has made occupation of
the building more challenging. This, together with the growth in the demand for city centre residential accommodation, both to satisfy the student market but also to take advantage of the growing pri- vate rented sector, led to the decision to dispose of the building for residential purposes. The purchaser, Dancap Waterloo Limited, have now submitted a planning application for a change of use to provide 86, 1 and 2 bed self-contained flats over the first to fifth floors. Staying in the City Centre the retail market has undergone a notable shift, with demand and rental values declining in city centre locations, while out-town retail continues to experience growth. A clear example of this trend is Marks & Spencer, which has closed its store in Leicester City Centre and expanded its presence at Fosse Park, located on the southern edge of the city. Nevertheless, certain areas within the city centre remain attractive to occupiers such as St Martin’s square which continues to see strong rental demand, particularly within the food and beverage sector.
Similarly, Granby Street has proven popular among fast food
franchises. We currently have 107 Granby Street on the market the former Weatherspoon’s which is a great opportunity for a fast food franchise to be situated in the heart of the city centre.
The industrial market in Leicestershire remains buoyant, driven by sustained demand and limited availability of good quality sec- ond-hand stock. This shortage continues to fuel interest in both free- hold and leasehold opportunities, with occupiers actively seeking space across the region. The healthy demand is keeping both rents and prices very positive. The investment market in Leicester City Centre remains active, with high yields continuing to attract interest despite broader economic challenges. Investors are benefiting from elevated bank interest rates, which are supporting strong returns. Notably, two recent transactions are the sale of the two buildings on Gallowtree Gate with the tenants being Poundland and EE sold in March and May 2025 achieving yields ranging from 9. 85% to 10. 03%. While City Centre retail faces structural shifts, these sales demonstrate that prime assets with secure income streams remain appealing. We have recently completed on two transactions on behalf of Leicestershire County Council. The first was the sale of the former Coalville Community Resource Centre in Coalville, and the second was the disposal of the former Roman Way Day Centre in Market Harborough, which was acquired by The Aurora Group.
Looking ahead, we will be bringing Eastgate House to the market—a modern office building offered with vacant possession. The property presents a good opportunity for residential redevelopment, subject to planning (STP).
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