EDUCATION AND TRAINING RETURNS TO PALMERSTON HOUSE, NEW BASFORD


September 11, 2008

Industrial/Warehouse News

Palmerston House, once home to Djonogly College has now been let by FHP, on behalf of Liberte Investments to training provider At Your Pace Limited.  The former mill building which extends in total to 3,478m² (37,438ft²) has been let for a term of 10 years.  A unique deal has been agreed whereby At Your Pace Limited will pay for space occupied whilst still having a lease over the whole property.

This unique arrangement means that At Your Pace Limited can bid for contracts knowing that they already have the premises in place to be able to deliver the service.  The benefit for the Landlord, Liberte Investments is that they do not have the liability in respect of business rates or maintenance. 

Ted Stanley of At Your Pace Limited commented:-

“Palmerston House will provide a fantastic base for us to be able to serve the need of the young people that we train.  The nature of the lease in place means that we can bid confidently for contracts knowing that we will be able to deliver the services required all on one site.  The property also has the added bonus of already having the D1 planning consent in place which means that we did not have to take the extra time to apply for consent”.

Nazir Asmal of Liberte Investments added:-

“We were keen to see the building used again for educational purposes and this is a sector in the market that we have been targeting.  It is therefore satisfying to be able to let the whole of the building to At Your Pace Limited which not only provides us with income but removes the liability of vacant rates and maintenance from us”.

The flexible approach adopted by the Landlord has meant that all parties have benefitted from the transaction and sees one of the largest buildings in New Basford back in use again.

For further information on this transaction or for information on alternative premises available in New Basford please contact Alastair Fearn on 0115 950 7577.

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