Nova Sold – We Love It When a Plan Comes Together!
11th November 2010
In less than 6 months NG Chartered Surveyors, working closely with their clients M7 Real Estate, have turned round the fortunes of the Alfreton Trading Estate.
In a transaction brokered off market by NG In March 2010, M7 completed the purchase of the 17 unit 250,000 sq ft estate from Standard Life. At that time of the acquisition, there was over 50,000 sq ft of space which was vacant and a large question mark over the future of the largest unit on the development, the 91,500 sq ft complex previously occupied by pharmaceutical giant Novartis, who had closed their operation in Alfreton almost a year earlier and had no plans to resume production.
On the build up to the purchase, NG and M7 had developed a strategy for dealing with the situation and, in what could be perceived as a brave move in these difficult times, almost immediately after completing the purchase James Allen of M7 agreed surrender terms and took back the Novartis lease giving the new owner control of the situation moving forward.
The decision was then taken to break the unit from the main body of the estate which M7 are retaining and marketing it as a freehold building, branded “Nova 91”. The reaction from the market was extremely positive and NG’s Richard Sutton brokered the sale of the unit to a national motor trade component supplier, reporting that the sale progressed smoothly and swiftly.
In parallel to this, NG completed a series of lettings of the other vacant units on the estate which now enjoys a recession beating 100% occupancy rate. When asked to comment Richard added “Alfreton’s success has been down to an effective strategy implemented by a great combination of a client who understands their product and an agent who understands both the market and his client”
James Allen of M7 commented “We wish all our agents were as effective as NG. They are without doubt a key part of this estates success.”
M7 and NG continue to work together on other similar projects in the East Midlands.