A CHINESE development company has acknowledged the potential of Beeston’s town centre following the completion of the NET expansion by investing in a former college site in a deal secured by Innes England.
Jin Chang Enterprise Ltd has purchased the former Central College Nottingham premises on Middle Street for an undisclosed sum. The unit will be converted into 15 self-contained flats.
The sale was handled on behalf of the vendor by Scott Osborne, associate director at Innes England’s Nottingham office.
He said: “Over the past few years there has been a degree of uncertainty surrounding Beeston town centre in terms of future development potential and whether or not the tram extension would come to fruition.
“However, once works commenced it was obvious that this site would be highly appealing to those individuals and developers who are looking to take advantage of the town’s improved access.
“The recent addition of Tesco along with The Square development, which is due for completion later this year, are also hugely attractive to investors. The purchaser has seen this potential and will convert the property to 15 flats – a condition of the sale.
Jay Atubra at Nottingham-based law firm Geldards provided legal advice to Central College Nottingham.
She said: “Geldards has a long-standing relationship with the College and we were delighted to be able to help them dispose of property surplus to their requirements.
“In the end it was a fairly straightforward deal as the purchaser had managed to push on with obtaining planning permission, which was granted before completion.”