Major city centre building sold in £3.7m deal
Maven Capital Partners, the property and private equity manager, has bought a 28,000 sq ft building in Nottingham city centre for £3.7m from a South African-listed property fund.
The transaction was funded by Maven Investor Partners.
191-195 Lower Parliament Street, which is currently let to Peacocks-owned Bon Marche and Poundland, was originally built as part of the intu Victoria Shopping Centre. It stretches to almost 28,000 sq ft over basement, ground and first floors. It had been up for sale for a guide price of £4.1m.
Planning permission will be sought to create a purpose-built student accommodation (PBSA) development on first and additional upper levels, while retaining the ground floor retail units.
Maven has extensive experience in the PBSA sector where it has developed, managed and operated properties across the UK, in cities including Glasgow, Dundee, Durham, Liverpool, and Birmingham.
Andrew Whiteley, partner at Maven, said: “The strong ongoing demand for purpose built student accommodation from both domestic and overseas students underpins our continued interest in this sector.
“Early reports suggest an increase in applications to UK universities again this year, further supporting the evidence of individuals investing in higher education in uncertain times.
“Nottingham is one of the largest regional student cities and we are delighted to be pushing forward with a planning application to provide an excellent base for students looking to enjoy all the benefits of city centre living.”
