Ticket Company Books Space at Nottingham’s Norfolk House
4th February 2009
An off-market deal put together by Nick Dunn of Nattrass Giles and Craig Straw of Innes England sees a leading ticket booking company now occupying all 20,000 sq ft within the office section of Norfolk House, one of Nottingham’s landmark buildings.
The striking building, situated opposite the Theatre Royal at the corner of Queen Street and Upper Parliament Street, was formerly home to a BT exchange, and now houses Nottingham’s main Post Office counter at ground floor, with four floors of well presented office accommodation above, topped by a recently built rooftop apartment.
See Tickets were the first to secure space within the building, taking two floors in 2005. The other two floors were occupied by specialist debt brokering company, TDX Ltd, who had sub-let the space, having moved to larger premises in nearby City Gate.
Once TDX’s under-tenants had advised of their intention to vacate, TDX wanted to off-load their lease. See Tickets were known to require more space, so the timing was opportune.
Co-operation was the name of the game, and a tripartite agreement was structure by NG Nattrass Giles and Innes England which saw all four parties benefiting.
The landlords accepted a surrender of TDX’s leases and granted new leases to See Tickets.
In this way, the landlords retained See Tickets, who now occupy the whole of the building, on favourable terms, with the building remaining fully let.
TDX have disposed of their lease obligations without the time and expense of having to market the space, and See Tickets have been able to secure the additional space they need to remain in the building, and have avoided the difficulties of having to run a split centred operation, which they would have done had they had to secure additional space within an alternative building.
Nick Dunn, who acted for the landlord, and negotiated the letting deal with See Tickets, advised “this is a great result for all parties concerned. All have got what they want, without the need for a prolonged marketing campaign, and the associated costs that would have been incurred.”
Craig Straw at Innes England acted for TDX Ltd in the surrender negotiations added “By combining our market knowledge we were able to structure a genuinue win – win situation for all concerned”
Rob Wilmshurst, CEO of See Tickets advised “we are delighted with this outcome. We had started to put the feelers out to find more space nearby, within the City Centre. Taking space within our existing building could not have been better.”
Rental levels in Norfolk House are now at a level of approximately £13.00 per sq ft inclusive of one parking space per 1,000 sq ft net within the basement car park. The building is managed by NG Nattrass Giles, and benefits from heating, cooling, raised access floors and integral wc and kitchenette facilities within each floor.
Further information: Nick Dunn, Nattrass Giles – Tel: 0115-989 7093