Landmark Building Gedling House is Sold by NG

2nd March 2009

Landmark Building Gedling House Sold

Acting on behalf of CNR Design, a locally based engineering company, NG Nattrass Giles has sold Gedling House, a prestigious Listed building on the edge of Gedling Village.

Comprising 6,500 sq ft of office accommodation on three levels, the property stands on a landscaped site of around 2 acres. It has extensive views across the Trent Valley to the east of Nottingham.

It was sold to New Charter Housing Group, a registered social landlord based in the northwest.

The property dates back to the late eighteenth century when it was constructed by Thomas Smith of the renowned Smiths Banking family. By the early 1900’s it had been acquired by Sir John Turney, founder of the well known leather company which for many years operated from an extensive site overlooking Trent Bridge.

The property most recently comprised the headquarters of CNR Design which also operated the surplus space as a business centre.

Sean Stafford, Head of Asset Management at New Charter said, “Having recently acquired the entirety of Gedling Borough Council’s housing stock together with the associated administrative staff we were seeking an individual building within the Borough of Gedling as a local headquarters. Gedling House is ideal for the needs of our new business here in Nottingham as it is very accessible to all parts of our new portfolio in Gedling and it will provide an excellent working environment for our new staff and executives”.

NG partner Ray Valenti who handled the transaction commented, “This deal was quite difficult given the challenging conditions which existed in the market last year. We had previously lined up a sale to a private hospital operator which then had funding difficulties and had to withdraw at the last moment. We made contact with New Charter very quickly afterwards and within a matter of weeks the deal was agreed.

The price achieved was around £1.15m which was only marginally below our “pre credit crunch” expectations”.

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