60,000 sq ft Nottingham office building sold for £11.85m
Blue Marble Asset Management (Blue Marble) has brokered a deal to buy a 60,000 sq ft Grade A office building with development land in Nottingham.
Acting on behalf of Leicestershire County Council’s Asset Investment Fund, Edward Jones, investment director at Birmingham-based real estate asset management company Blue Marble, acquired the freehold of Embankment House on Riverside Business Park in Nottingham, plus 5.33 acres of adjoining development land, for £11.85m. Metis Real Estate Advisors advised the un-named vendor.
Built in 1999, Embankment House is a three-storey, fully-refurbished, 59,448 sq ft, Grade A office building with 203 car park spaces.
Embankment House is 82% let to tenants including The Secretary of State For Communities and Local Government and St James’s Place Wealth Management Group. The development land lies immediately to the rear of Embankment House and benefits from substantial frontages to both Queens Drive and Tottle Road.
Jones said: “This is a long-term hold for our client, in an investment which benefits from very strong covenants in a city with few competing schemes. The adjoining land will also allow the client to increase the level of rental income they receive from the asset through future development.”
This is the second purchase Blue Marble has made for Leicestershire County Council’s Asset Investment Fund, following its acquisition of three Grade A headquarters office buildings in Lichfield earlier this year.
“We are working with a number of local authorities, including Leicestershire County Council and Staffordshire County Council, assisting them with their investment objectives and helping them to avoid making the wrong investment decisions,” continued Jones.
