JLL’s Nottingham office agency team has acquired a new regional office for one of the UK’s largest housing companies.
Doncaster-based Keepmoat, which generated £1.1bn revenue in its last financial year, instructed the agents to identify an office of c10,000 sq ft, between J26 of the M1 to the north, and J24 to the south.
JLL’s Ravinder Cheema says several options were shortlisted, before Wilson Bowden’s Nottingham Business Park was identified as the optimum location.
“Keepmoat is a major long-term player in the housing sector, so it was important to find not just the right space, but the right setting too,” he said.
JLL were instructed due to their strong track record in tenant representation acquisitions across the East Midlands for a multitude of clients. Rav commented: “Having been instructed by Keepmoat and gaining a detailed understanding of their requirements, we were quickly able to identify options for them both on and off market. and support Keepmoat throughout the process, protecting their interests on lease terms and obligations.
“We were also able to utilise other specialist teams within JLL to assist where required, ensuring a smooth and successful transition in to the building. However, one of the challenges of the acquisition was identifying high quality Grade A space.
“A lack of any new build continues to be a challenge in the city centre and there is no sign of significant new space coming forward in the short term. We would expect future lettings to be dominated by refurbs or out-of-town deals, and because supply is so tight, each deal will put further upward pressure on rents.”
Keepmoat regional director, Andy Mason, commented: “We’re thrilled with our new Nottingham location which we feel will enhance Keepmoat’s operations across the area as we look to expand and bring more high quality homes to the region.”
“We have just announced the completion of our 3000th home across the Midlands in six years and with new homes already being built in areas such as Nottingham, Shirebrook, Coalville, Gedling, Tibshelf and Northampton, the East Midlands is a key area of expansion with the combined Midlands business looking to build 1000 homes a year by 2019”
“Expansion also increases our ability to implement a variety of employment initiatives in the area for local communities in the East Midlands. For example, our Kick-Start programme gives college students and unemployed local people the opportunity to undertake practical work experience, with the potential to gain an apprenticeship with Keepmoat. The new office provides a perfect place for our apprentices and staff to undertake the necessary training programmes.”
