Phillips Sutton brokers deal for national occupier to move into Queens Road

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National mental health charity Mind has moved into a refurbished 800 sq ft retail unit on a prime site in the chic Queens Road area of Leicester.

Phillips Sutton Associates acquired the vacant unit at 97 Queens Road off-market for a private client, who refurbished the retail unit and converted the upper floor into 2 flats.

Brodie Faint, surveyor at Phillips Sutton Associates, said: “We knew how popular the area was and advised our client to buy the unit on the basis there would be high demand from local and national occupiers.”

Queens Road is a popular local shopping area with a mix of independent retailers, shops, bars, restaurants and some national occupiers, including Costa, Subway and William Hill.

Following the purchase an extensive refurbishment of the property was undertaken across the basement, ground and first floors. Works included conversion of the basement area to include a kitchen and WCs with the ground floor being extended and opened into a single retail space including brand new frontage. The first floor has been redeveloped into two studio apartments.

Brodie added: “The retail unit was particularly well received with in excess of 80 genuine enquiries registered before the refurbishment was even finished. Interest was received from both local and national occupiers, highlighting the demand from retailers wishing to secure a presence on Queens Road.

“Mind’s decision to move to Queens Road further reinforces our view that this suburb of Leicester is a vibrant and sought-after neighbourhood retail location in the East Midlands.”

Brodie said: ‘Mind were quick to show interest in the unit. We worked hard to ensure strong commercial terms were agreed that benefited both parties. We felt Mind added to the retail offering on Queens Road while affording our client a secure, long-term tenant.”

He added: “Our client’s faith in the retail market has been rewarded with a national occupier, on good commercial terms, who has provided them with a secure income stream and an extremely good return on their investment.”