London firm invests £45m in Nottingham residential scheme
A London investment firm is pumping £45m into a major private rented sector (PRS) scheme in Nottingham city centre.
Cording Real Estate Group has invested in Saffron Court, currently under construction, from Cassidy Group, to make it the first PRS scheme to be funded in Nottingham.
The deal will see 350 studio 1 and 2 bedroom apartments built on a cleared site next to the Hicking Building. Saffron Court will have 130 car parking spaces when completed. Winvic is the contractor.
FHP Property Consultants and FHP Living acted for Cassidy Group on the deal.
Tim Holden, director of residential development and asset management at Cording, said: “David Hargreaves and his team at FHP spent a number of hours driving us around the city ‘selling’ Nottingham, which helped to give ourselves and our investors confidence in both the city as a whole and also the development. The demographics, the local economy
and the affordability indices were all right for Nottingham and with the recent successes of Nottingham Trent University winning University of the Year and the evolution of the Creative Quarter, we think Nottingham has a bright future. Some 48% of the 300,000 people living in Nottingham are under the age of 30.”
Hargeaves said: “We worked closely with Patric Cassidy and the Cassidy Group to convince Cording Real Estate Group and their investors, which include European Funds, that Nottingham was the place to invest.”
Patric Cassidy said: “We think Nottingham has a great offer and now that we have secured our first 350 apartment PRS scheme, we are keen to find further opportunities in the city, both for PRS and students.”
