SPEEDY OFFICE DEAL SHOWS EAST MIDLANDS MARKET’S CONFIDENCE
IN a testament to the growing confidence of the East Midlands commercial property market, we can reveal we’ve completed a major deal in the Nottingham area with an offer being tendered within 24 hours of the property reaching the market.
Located at The Triangle, at Nottingham’s NG2 Business Park, the detached 5,730 sq ft property was put on the market on December 5, with an offer at the asking price being received the following day.
We concluded the final paperwork on Valentine’s Day just 10 weeks later, with the new owners now planning to move in by the summer.
The seven-figure deal reflects the burgeoning commercial property market in the East Midlands despite it still absorbing the consequences of the UK’s economic turmoil in the second half of last year.
Ross Whiting, one of our directors at Innes England who handled the deal having previously managed the property, said: “The striking thing about it has been the quick turnaround between putting the property to market and signing the final bits of paperwork.
“Especially for a property of this size and for a solid price, the fact that an offer was tendered within 24 hours which was consequently paid just ten weeks later, with Christmas and the New Year period in between, is remarkable. The quick timeframe meant that handling the transaction was an exercise in due diligence and ensuring every detail was taken care of.”
Colleague Andy Nuttall, an associate director in our property asset management department, added: “Our management of the property served us well as we worked with all the parties involved to ensure a smooth sale process, including dealing with the service charges and compliance. We are also pleased to continue managing the property on behalf of the new owners.”
The vendor, Rod Shiers, said: “It wasn’t surprising to see such keen interest in the property – it's an impressive building in a desirable location that has great access to the tram and the A52.
“Ross and the team at Innes England worked hard to assist us in achieving a prompt sale and gave good advice throughout the process.”
Our annual Market Insite webinar earlier this year heard how strong investor momentum had started to fade in the second half of 2022, with many investors adopting a wait-and-see approach while commercial property yields re-rated across all sectors. But we also said there was cautious optimism that transaction activity would return.
Ross added: “This deal demonstrates the strong elasticity of the property market we are working in this year. Despite many issues affecting the market’s prospects and predictability, it's promising that investors are looking for opportunities to begin building their portfolios back up again.”
To read the full Market Insite report covering the future of the property market in the East Midlands, visit this webpage: https://www.innes-england.com/about-us/research