NG adds polish to Chromoworks deal
26th April 2016
Commercial property specialists at NG Chartered Surveyors have completed the multimillion pound sale of the 6.9 acre Chromoworks site on Wigman Road, Bilborough to Sladen Estates.
The former Polestar Printworks was acquired by Jack Digva of Nottingham based Chartwell properties two years ago.
NG was brought on board by Chartwell to develop a disposal strategy for the site. The first obstacle to any disposal was the relatively short ground lease that existed at the time of purchase. To resolve this, last year NG, Chartwell and Nottingham City Council worked closely together to re-gear back to a new 150-year tenure.
NG, having courted interest from local companies, national operators, international property funds and local developers, agreed sale terms for the site with specialist industrial developers Sladen Estates.
A multi-million pound land sale was then brokered by Richard Sutton of NG and Matt Sladen of Sladen Estates who will be looking to start work on site later this year.
Richard Sutton, director at NG, takes up the story:
“This has been a real team effort. Councillor Graham Chapman was incredibly supportive of the scheme regarding Chromoworks, as he rightly sees it as a flagship employment opportunity for the city.
“During the course of our marketing we did receive a significant level of interest from developers and property funds who clearly realised the importance of the site and regarded it as a valuable development opportunity.
“Sladen Estates are in my mind the right people to take this to the next level and we wish them every success.”
Jack Digva added:
“The Chromoworks had been on the market for many years, and I felt that I had a vision to transform this site into an industrial business park such as we have done at the successful Rani Business Park in Basford Nottingham.
“We had a blue-chip company that approached me once the site had been purchased, showing interest that they were looking to move onto the site and was looking to take around 80% of the site leaving just enough space for a small retailer as the area required.
“Unfortunately, the deal fell through and I had decided to move forward with our original plans.
“We have had many offers on the site and I decided at this time to sell the site, as I felt it would be better economically for the area.”
Daniella Sirovica of Gateley’s Nottingham office advised Chartwell on all legal matters concerning the ground lease re-gear and the land sale to Sladens.
“This was an exciting deal to be involved with from both a legal and commercial perspective. There were lots of considerations to be had surrounding the re-gear of the ground lease right through to the onward investment sale to Sladen Estates. This is a great demonstration of the viability of larger development transactions for the City and we hope to see more like this in the future”.
“I have worked very closely with Richard at NG and have found the team to be proactive at all times.
“I had been approached by many agents regarding this site, but I felt Richard was doing a good enough job for me not to instruct another agent.”
“I look forward with working with them all in years to come.”