Developer snaps up 37 Park Row
The RO Group has snapped up a prominent multi-let office building in Nottingham’s Castle Quarter.
The Hertfordshire-based family firm has acquired 37 Park Row from Mayfair Capital for an undisclosed sum.
The building comprises of 26,513 sq ft across four floors and is occupied by Nottingham City Council and Thompsons Solicitors LLP.
Neighbouring occupiers include KPMG, Freeths, Eversheds and RBS.
Nick Cashmore, investment director at RO Real Estate said: “We are delighted to complete the acquisition of 37 Park Row, Nottingham which represents another strong addition to the portfolio. The purchase is in line with our strategy to focus on buildings with quality fundamentals where there is potential to improve ESG credentials. The low average rent in the building twinned with the very limited Grade A office supply and development pipeline in Nottingham is an attractive dynamic. We continue to seek new additions to the portfolio in strong commercial locations with asset management and future development potential.”
David Kershaw, group real estate director at RO Real Estate, said: “We are very happy to have made this investment in Nottingham, one of the top ten fastest growing economies in the country outside of London, and which boasts high profile corporate occupiers such as Domestic & General, Boots, E.ON, Gateley, Specsavers, RSM, Experian, Siemens, Eversheds Sutherland, and KPMG.”
Kershaw added: “Nottingham has invested significantly in its infrastructure network, including a £150 million upgrade of Nottingham Station in 2018 and a £570m extension of the NET Tram system, which has supported the expansion of businesses, cementing the city’s position as a core regional hub, and making it an attractive location for us to invest in.”
JLL advised RO Group on the transaction. Mayfair Capital was advised by CBRE.
