Blue Marble Asset Management (Blue Marble) has acquired a 60,000 sq ft Grade A office building with development land in Nottingham.
Acting on behalf of an un-named client, Edward Jones, Investment Director at Birmingham-based real estate asset management company Blue Marble, acquired the freehold of Embankment House on Riverside Business Park in Nottingham, plus 5.33 acres of adjoining development land, for £11.85 million. Metis Real Estate Advisors advised the un-named vendor.
Built in 1999, Embankment House is a three storey, fully refurbished, 59,448 sq ft, grade A office building with 203 car park spaces, situated in one of Nottingham’s premier business locations on the A453 Queen’s Drive key arterial route, two miles south west of the city centre and 5.5 miles from Junction 25 of the M1 Motorway.
Embankment House is 82% let to tenants including The Secretary of State For Communities and Local Government and St James’s Place Wealth Management Group Plc. The development land lies immediately to the rear of Embankment House and benefits from substantial frontages to both Queens Drive and Tottle Road.
Mr Jones says: “This is a long-term hold for our client, in an investment which benefits from very strong covenants in a city with few competing schemes. The adjoining land will also allow the client to increase the level of rental income they receive from the asset through future development.”
