National commercial property consultancy Lambert Smith Hampton (LSH) has secured the largest office transaction of 2013 in the Greater Nottingham market place, it was announced today.
LSH acted on behalf of Babcock Networks Ltd – a subsidiary of engineering support services company Babcock International Group PLC – to secure a lease transfer with E.ON UK, one of the UK’s leading energy suppliers.
E.ON has taken a lease assignment on 1 Newstead Court – 46,250 sq ft of office accommodation at Sherwood Business Park in Nottingham. The deal allowed Babcock as the existing tenant, to consolidate its operations to one floor in the building on a flexible lease arrangement.
Sherwood Business Park is one of the largest and most successful business parks in the Midlands. It is located adjacent to junction 27 of the M1 motorway, providing easy access to Nottingham, Derby and Mansfield. Other major office occupiers on the park include Nottinghamshire County Council, Dell Computers, Rolls-Royce, Boots and Prolog.
The property comprises high quality, Grade A, open plan office space with a number of meeting rooms, cellular offices, storage, WC and kitchen facilities, and car parking for 215 vehicles.
Phil Quiggin, director of LSH’s Nottingham office, said: “We’re delighted to have secured the region’s largest office transaction of 2013, while providing accommodation to suit the changing business needs of both E.ON and Babcock. The deal was completed in less than six weeks, which is a positive sign for the current office market.”
David Tonks of DTZ, who acted on behalf of E.ON UK for the letting, said: “By securing a lease transfer with Babcock, E.ON has been able to accommodate a short term bubble in its needs within Sherwood Business Park.”
The letting follows a similar deal completed by LSH on behalf of Babcock to Miranda Technologies Ltd for 10,450 sq ft of office space at Pembroke House on Pegasus Business Park in Castle Donington, Derby.
Phil added: “LSH works closely with Babcock to provide solutions to their fluid needs for business space. We are pleased to have achieved these disposals in what has been a very challenging office market.”
LSH is a national commercial property consultancy that works with investors, developers and occupiers across the public and private sectors, and it is single-mindedly focused on UK and Irish property markets.
