Nottingham city centre offices sold in £4.6m deal
Aviva Investors has sold the 25,568 sq ft 1 Standard Court, Park Row in Nottingham in one of the city’s biggest recent investment deals.
Heb acted on behalf of Aviva Investors.
The offices are part of the former Nottingham General Hospital and are occupied by NHS Nottingham City. The tenant recently renewed its lease in a deal also brokered by heb.
The historic landmark building was refurbished approximately 20 years ago along with the rest of the Standard Court and Arena Steps site.
“With the agreement of Aviva, we adopted a strategy of a low-key marketing campaign, with targeted approaches to potential buyers,” said Robert Maxey at heb.
“We were able to generate excellent interest resulting in a ‘best bids’ exercise. The final selling price of £4.625m equates to an investment yield of 6.75% – an extremely pleasing result for our much-valued client”.
The property has been bought by Birmingham-based Euro Property Investments which was represented by Andrew Butcher of Andrew Butcher & Associates and Matthew Edwards at the Leeds office of Ryden.
Butcher said: “I am pleased that we were able to acquire this Investment in one of the most prestigious areas of Nottingham City Centre. Our clients were very keen to purchase this type of Investment as it has a secure tenant in the NHS for a long Lease term and with 55 car parking spaces in the City centre, this adds to the attractiveness and lettability of the property”.
Edwards added: “1 Standard Court is a very attractive building in the heart of the Castle conservation area and provides great value accommodation with plenty of car parking, in a Nottingham market which has limited supply and good growth potential.”
