Acting jointly on behalf of PPG Southern Limited, FHP and Innes England have confirmed that they have concluded the sale of St Nicholas Court on Castle Gate in Nottingham to a consortium of Investors who intend to refurbish the property and offer managed/serviced high quality office suites.
The 24,424ft² building was refurbished in the early 1990s by Sole Construction, being originally occupied by the Inland Revenue prior to their move to their UK Headquarters on Wilford Road in Nottingham and now part let to the National Heritage Lottery Fund and The Arts Council, with approximately 13,000ft² vacant.
The building complements the original Georgian street scene on Castle Gate and provides four wings of offices around a central courtyard. The property has been purchased by a consortium of Investors who intend to offer the property through Business Homes For You – the Nottingham Specialist Serviced Office Centre Provider.
PPG had evolved a refurbishment program and were intending to relaunch the property themselves to the market but decided that the size and nature of the building did not conform with their UK property portfolio, leading to the sale.
It is understood that whilst the financial terms of the transaction have not been agreed that there was good interest in the building and that the property was purchased in a competitive bidding scenario by the consortium.
Chris Sinclair at Innes England confirmed:-
“We generated good interest in the property and it is pleasing that the property has been sold to a consortium of Investors who have existing interest within the Nottingham City Centre.
It is essential to identify a buyer who would look to show interest in the property and actively market the premises in order for it to be able to compete in what is a competitive market – the Purchasers will offer that little bit extra by letting out the space as flexible serviced business space”.
The consortium was led by David Ajose who runs a number of business centres already within the Nottingham City Centre, David confirmed:-
“We pride ourselves at Business Homes For You in offering a well managed personal office environment that can enable businesses to concentrate on their core activities and have an environment in which they can grow.
Our existing centres primarily cater for the smaller occupier and we saw St Nicholas Court as the logical next step to be able to offer larger individual suites to our existing Tenants are new Tenants to cater for their onward growth”.
The sale of the building is announced in parallel with the Nottingham office forum (a consortium of all of Nottingham’s main Commercial Agents) who have released the commercial office market review for Nottingham demonstrating the regional significance of Nottingham as an office location.
John Proctor at FHP confirmed:-
“This sale is a further piece of good news for the Nottingham office market – we need as a City to be able to cater for all sectors of the market and Business Homes For You will provide a well managed good quality environment within which small to medium sized firms can occupy good quality space and take occupation quickly.
This adds to the variety of offices that can be made available to Occupiers and can only help us to all collectively seek to work in a manner which brings greater life and vitality into strengthening our central business district”.