Savills, on behalf of a private pension fund and limited private partnership, has sold 8 and 10 The Triangle on NG2 Business Park in Nottingham to two different East Midlands private investors.
10 The Triangle comprises 2,037 sq ft (189 sq m) of high quality office accommodation, which is let in full to chartered accountants, TCP (GB) Ltd. Following a competitive bid process the building was sold in excess of the guide price of £475,000, resulting in a net initial yield of circa 6%.
Subsequently, the freehold of 8 The Triangle, which comprises 4,051 sq ft (376 sq m) of open plan office space, was sold above the original guide price of £875,000, reflecting a net initial yield of circa 7%. The building is currently let to Nexor Limited, generating an annual income of £68,000.
Ian Muxlow, director in the commercial team at Savills Nottingham, comments: “From the date we launched these buildings to market, we received multiple offers from a range of investors demonstrating the significant demand for well secured modern office investments in Nottingham. NG2, one of the city’s prime edge of town business parks, is situated in a highly accessible location and is occupied by international businesses making it incredibly attractive to those seeking investment opportunities. What’s more, it is encouraging that this interest is also coming from outside of the city, pushing capital values up as investors chase limited stock within the sector.”