Office for sale in Park Row, Nottingham NG1

Investment summary

* Freehold
* Prominent modern multi let office building located in Nottingham's central business district with exposure to Maid Marian Way
* Extending to 20,639 sq ft arranged over basement, ground and four upper floors.
* Current passing rent of £316,462 per annum reflecting a low £15.33 per sq ft compared to headline rents in Nottingham in excess of £20.00 per sq ft
* Let to four strong national covenants providing a WAULT of 2.3 years to break and 2.8 years to expiry.
* Close to city centre transport links and amenities
* Secure onsite parking providing an excellent city centre parking ratio of 1:1375 sq. Ft.
* Excellent esg credentials with an EPC C rating
* Offers ideal medium to long term asset management opportunity.

Offers are sought in excess of £3,300,000 (Three million three hundred thousand pounds) subject to contract and exclusive of VAT.

A purchase at this level reflects an attractive Net Initial Yield of 9.0% and a low capital value of £160 per sq ft assuming normal purchaser's costs.

Location

The property is located within the historic Castle Quarter the traditional professional district of the city situated on the western edge of the city centre and links directly to Maid Marian Way and Old Market Square. The property enjoys a prominent corner position on Park Row and East Circus Street and is a few minutes walk from the city centre's principal retailing and leisure amenities including Old Market Square and Victoria Shopping Centre. Surrounding occupiers include many national and International professional service organisations such as Freeth Cartwright llp, Turner & Townsend, Potter Clarkson llp, Coutts & Co and Now Pensions along with the Playhouse Theatre, Albert Hall Conference Centre, and Browns Brasserie.

The property benefits from excellent transport links with Nottingham net Tram system and with several bus routes running along Friar Lane and Fletcher Gate.

Description

The property is a modern headquarters style office building, originally constructed for Barclays as their local HQ in 1984, providing good quality refurbished accommodation across the ground and four upper floors in addition to a small basement area with secure under croft parking for 15 cars.

Typical specification:
* Open plan offices with partitioned meeting rooms
* Raised floors incorporating floor boxes with tiled carpeting
* Suspended fibre ceiling tiles with inset LED lighting
* Mix of vrf Air Conditioning and comfort cooling / heating
* Kitchenette & breakout areas
* 2 passenger lifts
* WCs & shower facilities

Tenancies

The property is let in accordance with the tenancy schedule below producing a current income of £316,462 per annum with a weighted average unexpired lease term of 2.3 years to break and 2.8 years to expiry.

See Marketing Brochure for full tenancy schedule.

Occupational market

Nottingham is the East Midland's principle administrative and commercial centre home to many national and international organisations including Boots, Speedo, eon and Capital One. This strong occupier base is attracted by the city's excellent transport infrastructure, retail and leisure amenities and its well-educated labour pool thanks to its two award winning universities.

Nottingham's office market has continued to perform well since the end of the pandemic, with total take up for 2023 recorded at 314,700 sq ft. Headline rents have also increased over the last two years by 22.5% to in excess of £20.00 per sq ft primarily driven by a severe under supply of Grade A office accommodation, due to constraints in the development pipeline and existing stock being converted to alternative uses.