Nottingham business centre sold for £1.7m

A 15,000 sq ft Nottingham building that was designed by renonwed local architect and now operates as a business centre has been sold for £1.7m.

1-3 Hope Drive and 16 Castle Boulevard, which lies at the entrance to The Park Estate, has been sold to Shoby Properties in a deal brokered by FHP Property Consultants.

The building is home to 14 companies operating in the tech, financial services and recruitment sectors.

Mark Tomlinson at FHP Property Consultants who acted on behalf the vendor. He said: “Given the location of the properties and the quality of the internal spaces we were not surprised at the strong interest we received for the building. The centre presents well and boasts some excellent tenants. The attractions of the property are the low void rates and future rental growth for the landlord, while the tenants benefit from flexible lease terms which allows their businesses to grow unhindered”.

Will Torr at HEB who acted on behalf of the purchaser added: “I’m pleased to have advised Shoby Properties on their recent acquisition of this attractive property situated at the entrance to The Park Estate. The fully let asset comprises a well-presented business centre with good core tenants within a range of sectors. There is a strong prospect of future rental growth and the building will complement Shoby Properties existing portfolio.”