Mystery buyer snaps up prominent office building

Innes England has completed the sale of 21 The Triangle on Nottingham’s NG2 Business Park to a mystery buyer – a deal the property consultancy says shows growing confidence in the East Midlands commercial market.

The detached 5,730 sq ft office building was put on the market on 5 December, with an offer at the seven-figure asking price being received the following day. The final paperwork was concluded on Valentine’s Day.

The building’s new owners are reportedly planning to move in by the summer.

Ross Whiting, director at Innes England, said: “The striking thing about it has been the quick turnaround between putting the property to market and signing the final bits of paperwork.

“Especially for a property of this size and for a solid price, the fact that an offer was tendered within 24 hours which was consequently paid just ten weeks later, with Christmas and the New Year period in between, is remarkable. The quick timeframe meant that handling the transaction was an exercise in due diligence and ensuring every detail was taken care of.”

Andy Nuttall, associate director in Innes England’s property asset management department, said: “Our management of the property served us well as we worked with all the parties involved to ensure a smooth sale process, including dealing with the service charges and compliance. We are also pleased to continue managing the property on behalf of the new owners.”

The precise value of transaction has not been disclosed.

The vendor, Rod Shiers, said: “It wasn’t surprising to see such keen interest in the property – it’s an impressive building in a desirable location that has great access to the tram and the A52.

“Ross and the team at Innes England worked hard to assist us in achieving a prompt sale and gave good advice throughout the process.”

Whiting added: “This deal demonstrates the strong elasticity of the property market we are working in this year. Despite many issues affecting the market’s prospects and predictability, it’s promising that investors are looking for opportunities to begin building their portfolios back up again.”