NG and FHP team up to help insurance firm expand

A property insurance company is expanding thanks to a deal brokered by joint agents FHP and NG Chartered Surveyors.

Acting on behalf of landlord London & Scottish Investments, FHP and NG have finalised the letting of the last available suite at 30-34 Hounds Gate to Vasek Insurance, which is expanding within the building.

Mark Tomlinson of FHP Property Consultants said: “We are delighted that we have achieved full occupancy on this building on behalf of our clients, London & Scottish Investments, following their purchase of the property last year.

“Since we began working on this building five years ago the entire tenant profile of the property has changed and now boasts high quality occupiers such as Severn Trent Water, Speedy Cash, Vasek Insurance and BITC.

Tomlinson continued: “The Article A changes on permitted development of office buildings to residential property has caused a squeeze on supply of office space in Nottingham City Centre. As a result, we are seeing an increase in rental values and a hardening of terms being offered by landlords. For the occupier though it has become increasingly important to engage early when planning any potential expansions, due to this squeeze on availability”.

Richard Sutton of NG Chartered Surveyors added: “London & Scottish brought NG on board to reinvigorate the marketing at Hounds Gate following notable success with lettings on Park Row and in Market Square House. Together we quickly generated competing interest in the space which ultimately kick started the letting to Vasek. With the reduction in supply and a widening gulf in quality for city centre space occupiers have become more sophisticated in terms of what they are looking for.

“London & Scottish were quick to recognise this and to press on with refurbishment and upgrading works to facilitate quick deals. This sends out a strong message to other landlords in Nottingham.”