NG Completes 44,000 sq ft Prime Office Space Deal in Nottingham
17th October 2016
Commercial property specialists NG Chartered Surveyors have sold nearly 44,000 sq ft of prime office space on behalf of regeneration agency Nottingham Regeneration Limited (NRL).
NG has sold the 17,825 sq ft Provident Works and 25,830 sq ft New Brook House to an unnamed investor.
Provident Works on Newdigate Sreet is a Victorian Mill Building over five floors, converted to good quality multi-let offices. A former Lace Mill that made camouflage netting during WWII, it was converted around a decade ago.
New Brook House on Alfreton Road is three-storey Industrial premises converted to offices approximately 12 years ago.
Jon Seddon, director at NG who completed the deals, said:
“We were appointed by NRL to market their vacant offices at New Brook House, Alfreton Road and Provident Works on Newdigate Street.
“However, in talking to the investor, it became apparent that he’d be interested in acquiring both buildings to add to his expanding portfolio of investment buildings and to also provide additional room for expansion of his other commercial ventures.”
Discussions were had internally at NRL, which decided that the timing was appropriate to sell both buildings, having successfully completing their mandate of having regenerated both buildings and converting them to income and job generating assets.
“The capital generated will allow them to reinvest into other projects around the city. This is a great deal for us, for the new owner of the buildings and for growing businesses throughout Nottingham.”
Mike Taylor, CEO of Nottingham Regeneration Ltd, said:
“Jonathon and his team at NG were originally instructed to market some vacant business space in one of our buildings but they then introduced us to a potential local purchaser.
“NG were particularly good at managing the offer and helping to maintain a dialogue with the purchaser whist several unforeseen title issues were resolved.
“They expertly protected the interests of the company during the purchase of the 2 multi-tenanted buildings and ensured the deal was ultimately delivered to both party’s satisfaction.”