Developer puts major Nottingham site on the market for £3.9m

Developer Cassidy has put its proposed Chainey Place development on London Road in Nottingham up for sale for an asking price of £3.9m.

The site has planning permission for both 122 private rented sector apartments or 245 purpose-built student accommodation beds.

A statement from Cassidy reads: “The scheme addresses the shortage of quality apartments in this area of the city, as shown by the large increase in rent year on year and is also particularly attractive to mature/international students.”

Cassidy Group revealed plans to turn the Chainey Place site on London Road in Nottingham, which had previously been given the go-ahead to be turned into 122 apartments, into student accommodation in February 2023.

The statement added: “We are flexible on the sale structure. The buyer could purchase the clean SPV which owns the freehold land, creating a stamp duty saving. We will also consider payment in stages, such as 80/90% on completion and the balance (20/10%) at a later date, but must be given securities/guarantees.”