Apartments plan floated as city centre building changes hands

New student flats or rental apartments could be coming to Nottingham city centre after a building was sold in a deal worth £425,000.

FHP Property Consultants, acting on behalf of a private family, have sold 38/40 George Street/22a Lower Parliament Street, which is occupied by DG Cars and a nail bar on the ground floor, with two storeys of office space above, to an unnamed buyer.

David Hargreaves of FHP said: “We targeted our marketing at both investors and developers alike as the property provided not only a well-established income stream but also had opportunities to add value through the conversion of the upper floors
to student accommodation or apartments together with scope to add one or two more floors, subject of course to securing the appropriate planning consents.”

The vendor said: “We are absolutely delighted with the advice from David and his team at FHP, they did everything they said they would, their deep market knowledge and clever marketing generated a lot of interested parties from day one and we achieved a price in excess of our aspirations.”

Russell Thompson of Massers provided legal advice on the deal.