City Gate East & West, Nottingham, NG1 5FSMake an enquiry
CEG, represented by FSP, have recently completed the acquisition of a prime Nottingham office investment.
The property is located in a highly prominent position within Nottingham’s Central Business District on the northern end of Maid Marion Way
Nearby occupiers include KPMG, RBS, Freeths, Reuters, Ofsted and Global Radio. The property is only 200m from the traditional centre of the City and the NET tram interchange.
The property comprises two part refurbished interlinked office buildings, both with an impressive curved façade and striking appearance. City Gate East is arranged over ground and seven upper floors. City Gate West is arranged over ground and two upper floors. The buildings were constructed in the early 1980’s and extend to a total of 175,873 sq ft
CEG bought the well let investment, benefitting from tenants such as Nottingham Trent University, Arup, LSH and JLL for £18.20m a net initial yield of 8.62%. CEG have plans to significantly refurbish the property over the short to medium term, taking advantage of the property’s low average rent.
The investment was acquired for CEG by Franck-Steier Price. James Hemstock commented “The building provides CEG with an opportunity to return the best located office building in Nottingham into a best in class building throughout their ownership. With an enviable tenant line up, excellent floor plate and low average rent of less than £10 per sq ft, CEG have a real opportunity to add value to the property and the initial yield paid represents good value for the quality of building, income stream and tenant line up”.
The property was sold by JLL Birmingham on behalf of Hudson Global.