A family property development firm has struck a deal to purchase a serviced office building in Nottingham with a view to turn it into a hub for entrepreneurs.
Nottingham based Younas and Virdi Group has acquired Lancaster House, in Sherwood Rise, New Basford, for an undisclosed amount through a deal brokered by commercial property agent Innes England.
The developer plans to refurbish the 10,000 sq ft serviced office space and seek planning permission to extend the property within the next 12 months. It is currently occupied by businesses of various sizes that lease office space of between 58 sq ft and 576 sq ft.
Younas and Virdi owns other office space across the UK, but Lancaster House is the first serviced business centre it has purchased.
With the planned extension, the company believes it can attract more innovative businesses to the site and double the income and value of the property.
Its driving ambition is to champion Nottingham’s entrepreneurial excellence and offer the perfect atmosphere for new businesses to thrive.
Company director Shamraiz Younas said: “Nottingham is at the heart of everything we do, and we believe totally in the entrepreneurship and ingenuity of the city that we are from.
“Lancaster House will be at the forefront of supporting new businesses and entrepreneurs looking to set up in a thriving environment filled with like minded businesses.”
Fellow director Depaq Singh added: “With business operations and real estate in over 20 cities nationally, it’s wonderful to add to our Nottingham portfolio.
“Lancaster House is the perfect opportunity for the family to not only demonstrate our ability to turn around businesses, but also to utilise our growing construction arm with the prospective site redevelopment.”
The off-market purchase of Lancaster House was the result of a chance conversation between old school friends. Tanzeel Younas, executive director for Younas and Virdi, approached former Trent College buddy Ross Whiting, associate director of Innes England in Nottingham, to see if he knew of a suitable office building in Nottingham for the company to buy.
Ross said: “As it happened, I knew there was a possible opportunity with Lancaster House, as Innes England markets the office space there.
“I’m delighted that we managed to get the deal off the ground so smoothly, and I wish Younas and Virdi the very best with this great new asset.”