CITY CENTRE OFFICE INVESTMENT ACQUIRED FOR £9,225,000
FHP acted on behalf of ADAPT Real Estate in the acquisition of Nottingham One, a multi occupied office investment comprising 54,007 sq ft fully let generating a passing rent of £739,688 per annum.
The asset provides opportunity for rental growth given the under supply of quality office space in Nottingham City Centre. Alongside the regeneration of the south side of Nottingham and Nottingham College City Hub, the asset sits well and we are anticipating good levels of demand for the offices, one of which is being brought forwards for occupation later in the year.
The property was acquired for £9,255,000 representing a net initial yield of 7.51% after costs.
Mark Tomlinson MRICS