Commercial property specialists at NG Chartered Surveyors have completed the sale of a prominent block of Nottingham commercial and residential units to its occupiers.
Acting for a private landlord, James McArthur Director at NG, has simultaneously completed on the sale of 497 – 507 Alfreton Road, Nottingham to their tenants.
The block consists of: 497 – 501 Alfreton Road – two commercial units with flats above; 503 – 505 Alfreton Road – one commercial unit with flat above; 507 Alfreton Road – one commercial unit with flats above; and the five garages to the rear of 503 – 507 Alfreton Road.
All the flats are vacant and very dilapidated and in need of substantial refurbishment.
James said: “My client bought the parade in 2004 with the view of redeveloping the whole site but the combination of recession and planning issues forced their plans to change, eventually opting to dispose of the site with the objective to achieve the best return possible.”
James adds: “As tenants were all on unprotected leases, due to come to an end in 2017, we approached them all giving them the opportunity to purchase their individual blocks and were able to agree very favourable terms but it was on the basis that all tenants purchase their respective parts or none.”
In addition to the deal, James and the NG team are still dealing with the disposal of the development land of 483-495 Alfreton Road and the vacant former nightclub at 509-511 Alfreton Road which are both currently under offer.
“This has been a complex deal to get across the line as it was dependent on getting four different parties to agree terms and complete at the same time,” said James.
“The site has been a problematic site over the years for my client, with various obstacles to overcome. Working closely with the landlord and his solicitors, we are extremely happy to complete, a real team effort.”
Allan Taylor, director of landlord Firmtake Limited, said: “The deal was extremely difficult to pull off, as it involved selling to the existing tenants their own buildings together with land attaching.
“It was a requirement of Firmtake, that its holding was not to be fragmented, which necessitated it being conditional in each party exchanging and completing simultaneously.
“The deal took the best part of a year, and it was solely the work undertaken by James that made it possible. He and NG should be commended.”
