A student accommodation block in Nottingham city centre has been sold to investors in a circa £2 million commercial property deal advised on by local law firm Nelsons.
The sale of the building, in Russell Street, Radford, has come in the midst of the coronavirus pandemic, which has presented difficult and unpredictable trading conditions for businesses.
Nelsons – which has offices in Nottingham, Derby and Leicester – acted on behalf of the sellers Marie Selders and the estate of Ashley Fletcher. Ms Selders and Mr Fletcher developed the accommodation between themselves in the 1990s and subsequently owned and operated it as student lets.
Paul Hinchliffe, associate and commercial property solicitor at Nelsons, said: “The accommodation block has been sold to a private investor, who is backed by overseas property developers. Piecing the transaction together with our clients in the middle of the pandemic has been challenging and getting the deal over the line has been a real achievement on everyone’s count and is really positive for our clients.
“Generally, there has been a slowdown in transactions across the East Midlands. A lot of businesses have put their pending commercial property deals on pause with a view to revisit at a later date once the economy and situation have settled.
“A deal of this size is a welcome boost and shows that despite uncertainty within the market, businesses are still willing to transact in order to set themselves up for a return to normal, and it is great to see companies willing to continue committing and investing in Nottingham.”
The accommodation block houses five apartments and two houses, with between four to six rooms per flat. The halls of residence, which are predominantly used by Nottingham Trent University students, come with a large open plan kitchen and dining area, as well as two bathrooms.
Paul added: “The accommodation block is currently still occupied by students, and as we understand it, its use will not change and will have no impact on current and future tenants.”
The agent for the deal was Ed Henderson, founder and managing director at student lettings and management company Uni2 Rent, with Ian Farrer, partner at PGS Law LLP, acting on behalf of the buyers.