Mowbray House, Castle Meadow Road, Nottingham, NG2 1ABMake an enquiry
Franck-Steier Price has recently completed the acquisition of a highly prominent office building in Nottingham city centre.
Acting for a private investor the building let to Browne Jacobsen was recently bought for approximately £6,150,000.
The 1994 built office headquarters was originally part of the HM Revenue & Customs complex on the edge of Nottingham city centre. The 57,690 sqft office has been let in its entirety to leading legal practice Browne Jacobson.
The property is let on three separate leases from July 2011. The majority of the building is let on a 10 year lease from July 2011. The third floor is let on two separate leases incorporating tenant break options in 2016. The overall rent reflects £11.13 per sqft.
The purchase reflects an initial yield of almost 10% and an underlying capital value of £106 per sqft.