City Gate East & West, Nottingham, NG1 5FS
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Represented CEG, in the acquisition of a prime Nottingham office investment.
The property is located in a highly prominent position within Nottingham’s Central Business District on the northern end of Maid Marion Way.
Nearby occupiers include KPMG, RBS, Freeths, Reuters, Ofsted and Global Radio. The property is only 200m from the traditional centre of the City and the NET tram interchange.
The property comprises two part refurbished interlinked office buildings, both with an impressive curved façade and striking appearance. City Gate East is arranged over ground and seven upper floors. City Gate West is arranged over ground and two upper floors. The buildings were constructed in the early 1980’s and extend to a total of 175,873 sq ft.
CEG bought the well let investment, benefitting from tenants such as Nottingham Trent University, Arup, LSH and JLL for £18.20m a net initial yield of 8.62%. CEG have plans to significantly refurbish the property over the short to medium term, taking advantage of the property’s low average rent.
The property was sold by JLL Birmingham on behalf of Hudson Global.
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