JLL sells major Nottingham Office Scheme
JLL has sold City Gate East & West in the heart of Nottingham city centre for an undisclosed sum.
Acquired by CEG on behalf of investors, plans are now being worked up for a substantial investment into City Gate, to deliver an ambitious refurbishment and introduce amenities to the building which is home to companies including RSM, Scape Group, Experian, Domestic & General, Nottingham Trent University, Arup and JLL.
Acting on behalf of the seller, JLL was instructed to bring to market the iconic and prominent Nottingham office buildings, situated at the top of Maid Marian Way, following the implementation of a successful strategic asset management plan and a subsequent sustained period of successful letting activity.
James Keeton from the Nottingham offices of JLL, who is being retained as joint agent, worked alongside Ben Kelly in the capital markets team to agree the sale commented:
"City Gate East & West, at just over 175,000 sq ft combined, is one of the largest and arguably most iconic office developments in the city centre. Working closely with the sellers, drawing on our market knowledge and experience of occupier trends, we together successfully implemented a strategy to improve the asset and fill the large volume of void space available. This resulted in over 100,00 sq ft of lettings in the 24-month period prior to this latest sale."
Ben Kelly added: "Alongside the office agency team, we aligned an exit strategy utilising JLL's in-depth market knowledge both regionally and nationally on investor activity, analysis of market trends and predictions, combined with a strong track record of recent major sales in Nottingham including The Pod & Chapel Quarter, to advise on the appropriate timing, pricing point and target market to deliver a successful outcome, which was duly achieved.
"We are delighted to have agreed a sale to shareholders of CEG, who themselves have a proven track record in delivering large scale refurbishments and further asset enhancement and we are very excited to work with them as joint letting agents to market the ambitious plans they are looking to bring forward at City Gate, creating much needed Grade A space in the city centre."
Managing the acquisition on behalf of shareholders, Jenna McIntyre, acquisitions manager at CEG, said: "Citygate represents another great addition to our expanding portfolio, with all the hallmarks of a solid investment. We were keen to realise such a rare opportunity to acquire one of the most prominent developments with an enormous amount of potential."
Antonia Martin-Wright, head of investment – north at CEG, said "We will work closely with the customers located in the building and make improvements to ensure we deliver a flexible, contemporary working environment in which businesses can flourish, with on-site amenities to help attract and retain staff."
FSP & FHP acted for CEG. JLL for the seller. JLL & FHP have been appointed as joint letting agents on the building.