Historic Nottingham building sold to private investor

One landmark Nottingham city centre’s building has been sold to a private investor in a deal worth around £4m.

The Elite Building on Upper Parliament Street is home to INK Night Club, Soulville Steakhouse, French Living and Powerhouse Fitness, among others, as well as 6,000 sq ft of vacant office space which will now be turned into student accommodation.

Knight Frank marketed the building, while the acquisition was handled by David Hargreaves and Rob Spencer of FHP Property Consultants.

Spencer said: “Following the acquisition a contract has been placed for the refurbishment of the external parts of the building and for a certain amount of repairs to bring the property into a full state of repair.

“We are also about to submit a planning application for a change of use of the vacant offices to provide student accommodation.”

Hargreaves said: “Knight Frank’s Birmingham Office were quoting a price of £4.1 million, but we were able to secure it for a lesser price, showing our clients a yield of more than 10%, whilst providing longer term refurbishment and development opportunities.”

FHP have been retained as managing and letting agents.

Jonathan Devaney at Knight Frank’s Birmingham office acted on behalf of the vendors.