Nottingham office building sold in £21m deal

A prominent Nottingham office building has been sold as part of a £21m deal.

The Arc, on the Miller Birch’s NG2 business park, has been bought by Schroder Real Estate Investment Trust.

The 45,200 sq ft office scheme is let to four tenants: HSBC, Geldards, CIS General Insurance and Ryley Wealth Management with an average office rent of £17.90 per sq ft.

Schroder says it is in negotiations to extend the lease terms with each tenant.

The REIT has also bought the 43,500 sq ft Tun office building in Edinburgh.