University completes 350,000 sq ft city centre property deal
The University of Nottingham has completed a deal to buy the Castle Meadow Campus in Nottingham.
Mapeley Steps Limited and Malabar Investment Holdings, advised jointly by Savills and Metis, have sold the site, which was marketed at a guide price of offers in excess of £36m.
Set across more than nine acres, the campus comprises six three- and four-storey office buildings and a dedicated health and wellbeing hub totalling 351,247 sq ft.
Four of the five office buildings are let to Mapeley Steps Contractors until late 2022, and are currently occupied by HMRC which will be vacating at the end of September 2022 to its new Unity Square offices, whilst the remaining building is let to Browne Jacobson.
The University has plans to provide a campus for final year and postgraduate students, realising its long-standing ambitions to have a greater physical presence within the city centre.
Victor Ktori, head of office at Savills Nottingham, said: “This was an exceptionally rare opportunity to acquire a strategically located self-contained freehold landmark campus in the heart of Nottingham city centre. Given the property’s unique credentials it couldn’t be better suited for the University and the team are very pleased to have secured this significant deal on behalf of our client.”
Vice-chancellor professor Shearer West from the University of Nottingham, added: “This is a symbolic milestone in the story of both the city and the University of Nottingham and presents a hugely exciting opportunity. Opening an additional UK campus is an expression of confidence in the future of both the University and the city of Nottingham.
“Having a campus in the city, with transport links that offer a gateway beyond the region, will help enhance our civic agenda and enable us to deliver on our ambitions to support jobs, investment and growth across the city. It also offers greater opportunities for collaboration with local business, industry and SMEs, making it easier for partners to engage with us and develop long-term, mutually beneficial relationships.
“For students in particular the site could enable greater and more convenient links with regional business and industry through placements, entrepreneurship, and collaboration to deliver a professional and practice-based curriculum, enhancing their graduate employment skills and opportunities to remain and work in the city.
“A civic and professional campus at Castle Meadow will accelerate the delivery of our strategic ambitions, demonstrating to the people of Nottingham just how far we are prepared to go to make a positive difference for the city, while offering the best of facilities for staff and current and future students.”
A representative from Malabar Investment Holdings Limited, said: “This deal represents a successful conclusion to a very positive collaboration with Mapeley following the lease extension agreed with Browne Jacobson last year and we would like to thank the teams involved. It is exciting to see the Castle Meadow campus move into the next stage of its lifecycle, and we look forward to seeing the Universities plans delivered.”