Leicester bar The Terrace has been put on the market with both freehold and leasehold prices.

Davey & Co is offering the freehold on the business for £1.75m but is willing to negotiate the sale of the leasehold for £495,000.

The business, on a prime city centre location in Albion Street, has annual sales of £800,000.

It has two bars (including a champagne bar) on the ground and first floor and can hold up to 380 people.

The décor includes high beamed ceilings and exposed brick walls.

The property also provides accommodation for the owners on the second floor which comprises three rooms, a shower room and a WC.

The heavily-beamed third floor could be converted into six letting bedrooms or a large flat, subject to planning permission.

By Angela Frewin