Nottingham city centre offices sold for £1.3m

A Nottingham city centre building has been sold for £1.3m with a view to turning it into apartments.

FHP Property Consultants, acting on behalf of Wesleyan Assurance Society have completed the sale of 31-33 Wheeler Gate, Nottingham to an unnamed local family property company

The building is let on short leases at ground floor and basement to Frank Innes Estate Agents and Bureau de Change.

David Hargreaves of FHP said: “The remaining upper floors are vacant and ideal for conversion to apartments. FHP Living have sold more than 50 apartments close by on Hounds Gate and Wheeler Gate where prices have ranged from £165,000 up to £350,000.”

He added: “As we know this market so well the opportunity was offered to a select group of ten investors and developers of which 6 bid, resulting in a sale well in excess of the quoting price to show the purchaser an initial yield of 6.8% net with development angles.”