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Office block in Nottingham’s Castle District ripped up

The family business RO has acquired 37 Park Row in Nottingham. The building is a modern multi-let office building in a prime position on the corner of Park Row and Cumberland Place in the heart of Nottingham’s historic Castle district and has been acquired from Mayfair Capital.

37 Park Row is fully leased to the undisputed commitments of Nottingham City Council and Thompsons Solicitors LLP. The office building comprises 26,513 square feet over four floors and has 21 secure parking spaces.

The property is let at a low break-through rent of £17.83 per square foot with prime rents in Nottingham having now reached £25 per square foot. Neighboring occupants include KPMG, Freeths, Eversheds and RBS. The property benefits from being adjacent to the Mount Street NCP multi-storey car park and is close to Nottingham’s main retail ground, offering an extensive supply of amenities.

Nick Cashmore, Chief Investment Officer, RO Real Estate, said: “We are delighted to complete the acquisition of 37 Park Row, Nottingham, which represents another significant addition to the portfolio. The purchase is in line with our strategy to focus on buildings with quality fundamentals where there is potential for improvement in ESG credentials.

“The building’s low average rent combined with the very limited supply and development pipeline of Class A offices in Nottingham is an attractive dynamic. We continue to seek new additions to the portfolio in strong business locations with asset management and potential for future development.

David Kershaw, Group Property Director, RO Real Estate, said: “We are very pleased to have made this investment in Nottingham, one of the ten fastest growing economies in the country outside of London, and which has occupants from high-profile companies such as Domestic & General, Boots, E.ON, Gateley, Specsavers, RSM, Experian, Siemens, Eversheds Sutherland and KPMG.

“Nottingham has invested significantly in its infrastructure network, including a £150million upgrade to Nottingham station in 2018 and a £570million extension to the NET Tram system, which has supported business expansion, consolidating the city’s position as a central regional hub. , and what makes it an attractive place in which we can invest. »

The RO group was advised by JLL. Mayfair Capital was advised by CBRE.