Savills, on behalf of a private investor, has acquired the freehold of Focus House at Phoenix Park in Nottingham from a private vendor. The property was marketed at a guide price of £995,000.
The two storey building, situated on the business park, comprises 5,851 sq ft (543 sq m) of good quality office accommodation, which is currently let in its entirety to Focus Consultants generating a rental income of £79,000 per annum.
Ian Muxlow, director in the commercial team at Savills Nottingham, comments: “Focus House provided the purchaser with the opportunity to acquire a good quality strong income producing office building. Situated on a popular out of town business park, to the north west of Nottingham city centre, it is close to J26 of the M1 and adjacent to the Phoenix Park NET tram terminus. With an unexpired lease term of five years, the site also has good future asset management potential. The property was bought off market, proving there is still significant appetite for commercial investment opportunities within well performing regional markets.”
Andrew Butcher, director of Andrew Butcher and Associates, who acted for the private vendor, adds: “I am pleased to have been able to sell this property off market at close to the asking price, demonstrating the continued strong investor demand for out of town office investments, despite the popularity of hybrid working patterns, post Covid. The property is in a good accessible location close to the M1 and offers a secure tenant on a new lease.”