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.
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.
<< Latest news main page