Landmark Nottingham office building sold in £3.65m deal

One of Nottingham’s landmark office buildings has been sold to an unnamed buyer in a £3.65m deal.

AEW UK REIT has sold the 41,262 sq ft office accommodation at Pearl Assurance House, just off the Old Market Square.

The deals includes the first to the ninth floors, a ground floor reception and car parking spaces.

Pearl Assurance House was bought by the company in May 2016 for £8.15m. It will keep the 28,432 sq ft ground floor let to national retail operators including Costa Coffee, Poundland and Lakeland.

Alex Short, portfolio manager, AEW UK REIT, said: “Having completed numerous asset management initiatives within this property, including the completion of lease renewals across three floors and gaining consent for residential development across the upper floors, we believe that this is the right time to sell the office component of the asset having maximised its value in the short term. We are pleased to retain the ground floor, which provides an attractive yield for the company in a major city centre location.”