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Friday, December 15, 2023

F&C; Property Asset Management acquires Nottingham office space for 9m

F&C; Property Asset Management has acquired a brand new 30,000 sq ft office property in Nottingham for 9.1m. Purchased from Miller Birch developers, the deal reflects a net initial yield of 5.3%

The three-storey property forms part of the ng2 suburban business park at Queen's Drive in Nottingham. It is prelet to Halifax plc at 17 per sq ft on a 15-year lease expiring in 2021.

ng2 is part of a 38-acre mixed-use scheme currently being developed by Miller Birch, which, when complete will provide 1 million sq ft of commercial accommodation. The park benefits from close access to the city centre and the proposed expansion of the Express Transit tram network will include a stop at ng2 and a link to the central railway station.

Daniel Plummer, Head of Regional Offices at F&C; Property, says; "This is a quality edge of town Business Park with the added benefit of a future tram stop. The rent at 17 per sq ft looked cheap and with rental levels already moving towards 20 per sq ft, we expect to see further rental growth as more occupiers relocate to the park."

Other occupiers at the park include: Experian, Homebase, Mercedes Benz and commercial law firm Edwards Geldard.

F&C; Property Asset Management, on behalf of the FPLAL fund, was advised by Jones Lang LaSalle. Capital Business represented Miller Birch.