Major Nottingham mixed-use landmark changes hands
A 192,680 sq ft mixed-use scheme in Nottingham has been sold by HBD to Jersey-based investor UKRO in an off-market deal.
HBD acquired The Axis in 2006, then a Co-op department store, completing extensive redevelopment works in 2009.
The Axis includes a mix of office, retail, leisure and residential space, along with 193 car parking spaces. Occupiers include The Driving Standards Agency and London Clubs International Plc, trading as Alea Casino.
Justin Sheldon, regional manager at HBD, said: “The Axis is illustrative of HBD’s long-term approach to development and our commitment to investing in Nottingham, across asset classes. We continue to progress several major projects in the city, including New Horizon, the former home of Imperial Tobacco, and the Angel Row scheme. Nottingham remains a key focus for future opportunities and continued investment, which is currently in excess of £100 million.”
James Taylor of ADAPT Real Estate said: “UKRO is delighted with its first acquisition in Nottingham. UKRO has now assembled a portfolio of nine securely leased, CBD office properties spread across the UK’s major Regional markets (ex London). Our investors are of the view that the core fundamentals in the regional markets will prevail in the medium term and we will continue to add to the portfolio.”
UKRO was represented by ADAPT Real Estate and Ship Street Advisors, while HBD was advised by Christopher Dee, JLL, and HEB.
HBD is part of Henry Boot PLC. The developer is currently working with a commercial pipeline in excess of £1bn.
