Cedar House, an illustrious office property which is steeped in Derby history, has been sold by East Midlands Commercial Property Experts, Salloway Property Consultants after a short but proactive marketing campaign.
The Grade II Listed Cedar House – built in the early 19th Century – has a long relationship with the construction and development industry, and is set for a new chapter having been purchased by local property entrepreneurs Derbyshire Investments Ltd for £430,000.
Cedar House was originally the home of Andrew Handyside, owner of highly acclaimed Derby iron founders Andrew Handyside and Company who were responsible for construction of Derby’s iconic Friar Gate Bridge, built for the Great Northern Railway.
It is understood the purchaser intends to embark on a tailored refurbishment of the building with the aim of creating a range of prestigious individual office suites which should attract both local and national occupiers.
Acting on behalf clients Noble Trust, Managing Director of Salloway Property Consultants, Stephen Salloway commented:
“The historic context of a building of this nature can be a marketing dream, but it’s age can also present concerns in terms of value. Our original instructions were to obtain a new tenant for the building.
However, our client remained open minded to the prospect of a freehold sale and when we received an offer at over £100 per sq.ft for a building that is shortly to reach it’s 200th birthday we recommended a sale.”
Located in the heart of Derby’s Professional Quarter Mr Salloway also believes the proposal to create a range of distinctive offices will be a success:
“I am sure aspirational businesses will recognize the excellent location and prestige of the property. From Andrew Handyside to more contemporary occupiers like residential developers Birch and Miller Homes, Cedar House is intrinsically associated with some of Derby’s best firms.”