Developer vows to bring Parisian-style apartments to Nottingham

Shoby Properties has made its third landmark acquisition Nottingham in a matter of weeks after snapping up the FCUK building on Victoria Street in the city for £2.5m.

The deal, brokered by FHP Property Consultants, follows deals to buy the 45,000 sq ft City Buildings and a 15,000 sq ft serviced office building on Castle Boulevard.

Sam Shelton of Shoby Properties said: “The building is very special and we will restore the upper parts to create some great apartments. With the high floor to ceiling height and large windows, the apartments when finished will be more akin to the sort of apartment found in Paris than Nottingham and of course the location is amazing.

The property was sold by George Capital.

Ben Young of George Capital said: “David Hargreaves approached us, off market, on behalf of his client, Shoby Properties. We have worked with David over the years and were therefore comfortable to engage with him on this sale. Shoby performed quickly, and I am delighted with the outcome. The property was acquired by George Capital’s first fund in 2014, and the sale has resulted in my investors doubling their equity.”

David Hargreaves of FHP said: “The FCUK building is a stunning building internally and externally and was in the past owned by the old Midland Bank.

I originally let the unit to FCUK many years ago and I can remember Stephen Marks, the owner of FCUK, saying to me on site “I love a building that adds value to my product” which it certainly does and I know they have always traded well from this clever location just off Bridlesmith Gate.”

Peter Dilks and Rachel Kent of the Nottingham office of Shakespeare Martineau acted with FHP for Shoby Properties Limited. George Capital represented themselves. Rob Spencer’s team at FHP will manage the property for Shoby Properties.

Click here to sign up to receive our new South West business news...
Close