NG Advises on £3M Sale of Landmark Norfolk House in Nottingham
4th July 2015
Norfolk House, the prominent Nottingham city centre mixed-use building, has been sold in a £3m transaction brokered by NG Chartered Surveyors.
The 25,577 sq ft building, which is home to the Post Office and event ticket business Way Ahead Group, as well as a luxury penthouse apartment, has been sold to David Samuels Properties, based in Manchester.
Richard Sutton of NG Chartered Surveyors, said: “I’m delighted to have secured the sale of such a prestigious address for our client.
“Norfolk House is one of Nottingham city centre’s landmark buildings, and that is why it can attract long term tenants of the calibre of the Post Office and Way Ahead Group. This, combined with a fantastic two-bedroom penthouse apartment, means we’re very satisfied with the outcome for both our client and the purchaser.
“The deal goes to show that Nottingham city centre mixed-use property is still a very attractive proposition for investors, and we would welcome any similar enquiries.”
Norfolk House was originally developed in the late 1950’s and early 1960’s. The ground floor and part of the first floor have historically been leased to the Post Office. The Way Ahead Group occupies second, third and fourth floors. The penthouse suite is currently vacant.
New owners, David Samuels Properties, has already re-geared the Way Ahead Group’s lease, and has big plans for the top floor penthouse suite.
Mark Johnson, director at MK2 Real Estate, said: “We picked up the deal on behalf of our client David Samuels Properties from NG Chartered Surveyors following abortive negotiations with the previous purchaser.
“We intend to refurbish the penthouse and either let it out or sell on a long leasehold interest.”
“I would like to thank Richard and his team at NG Chartered Surveyors who were very responsive throughout the process and responded to enquiries in an efficient and constructive manner.”