The Arc, the 45,000 sq ft Office Building which dominates The NG2 Business Park in Nottingham has been sold in a £13m deal
The building has been purchased by a Private Buyer from Schroders SREIT in an off market transaction, brokered by Andrew Butcher of Andrew Butcher & Associates, Nottingham.
The building is home to Geldards Solicitors and Ryley Wealth Management, with previous Tenants including Coutts, HSBC and Co operative Insurance Services,
It was producing an income of £825,000 per annum, which reflects a yield of 5.95% and offers 154 parking spaces.
It is now part vacant, as the purchaser has acquired this as a part Investment and part for additional office accommodation for their own occupation.
The building is the most prominent one on the NG2 Business Park, being visible from Queens Drive and is located adjacent to Cirrus House, The Curve and Speedo, with other occupiers on the park including motor dealerships for Mercedes and Jaguar Landrover as well as The Car Shop, who occupy the former Homebase store.
Andrew Butcher who advised the Purchaser commented that he is ‘delighted to have secured this Prominent Office Investment off market for his client, having approached Schroders several months ago when they were not originally prepared to sell. He worked in conjunction with Schroders over the period to secure the surrender of certain Leases as a condition of the purchase in order to enable his client to occupy the then vacant Accommodation.’
