Savills, on behalf of Harpin Limited, has sold Pembroke House and Donington Court on Pegasus Business Park in Castle Donington, Nottingham to Nottingham City Council for £11.210 million.
The two buildings comprise 64,640 sq ft (6,005 sq m) of Grade A office space situated next to East Midlands International Airport.
The sale follows three recent lettings at the park, which will contribute to the combined annual rental income. Air Logistics Limited has agreed to a new 10-year lease for 7,369 sq ft (684 sq m) on part of the second floor of Unit 2A Donington Court, whilst Wates Construction Limited has also agreed to a 10-year lease for 6,040 sq ft (561 sq m) on part of the ground floor.
Additionally, HSBC Bank plc, the global banking and financial services organisation, has agreed to new 10-year lease for space in Donington Court totalling 6,232 sq ft (579 sq m) and will occupy the west wing of the second floor in the three storey office building.
Victor Ktori, head of office at Savills Nottingham, comments: “These two buildings at Pegasus Business Park provided Nottingham City Council with an excellent opportunity to acquire a strong income producing asset. What’s more, the scheme is underpinned by the adjacent SEGRO Logistics Park development, which is set to attract a wide range of commercial occupiers to the area, re-establishing it as a top business location and undoubtedly adding value to the existing scheme. We are now bringing forward the UPS investment on the Park and anticipate strong interest.”
Air Logistics Limited was advised by Measures and Company Limited, HSBC was advised by CBRE and Wates Construction Limited was unrepresented.