East Midlands In My View - Matt Hannah of Innes England, Nottingham
been rented out since construction, and secured a price in excess of asking, with competitive bidding from regional and national investors.
As we noted in our mid-year report, several key purpose-built student accommodation (PBSA) deals took place in Nottingham in 2022, including Bricks Group’s £70m purchase of the 783-unit student scheme on Bath Street, Nottingham, at the former Royal Mail sorting office.
Other notable PBSA deals in Nottingham include the £59.8m sale of a 483-unit student accommodation block on Ilkeston Road to UBS; Unite Group’s £34.0m forward funding of a 270-bed student scheme on Lower Parliament Street and Patron Capital’s £24.5m purchase of a 420-unit student accommodation scheme at Madison Gardens.
Matt Hannah, Innes England
THE East Midlands has seen high levels of real estate investment in 2022, with Nottingham at the heart of this activity. Following a strong performance in commercial real estate investment in 2021, the first half of 2022 continued this trend, with total investment volumes in the East Midlands in H1 2022 at £1.044bn, up 34 per cent on the five-year average.
The industrial and beds sectors continued to dominate the East Midlands market activity, accounting for 85 per cent of all transactions. Realterm Global’s £19m logistics centre purchase of the 240,000 sq ft facility at Forbes Close in Nottinghamshire points to the continuance of this rising trend.
As the build-to-rent (BTR) sector expands and the industry looks to professionalise the residential rental sector, institutions are looking to diversify their portfolios. The East Midlands, with its strong demographics and attractive yields, is generating fund interest. Innes England recently sold a block of apartments, which had
Office buildings were also a focus for investors in Nottingham, with H1 2022 seeing Corum IM’s purchase of EON’s Trinity House for £28.0 million. All this followed on from the large purchases last year of HMRC’s former office campus by the University of Nottingham for £36.0m and Domestic & General’s new headquarters for £20.4m by Charles Street Buildings.
Despite the shift for many to hybrid working during lockdown, evidently there is still demand for city centre offices and well-connected business parks. As evidence of this, Innes England recently brokered a deal for an international company to expand its Nottingham operation with a move to larger offices in the city centre, taking 10,000 square feet.
Nottingham’s out-of-town business parks also saw significant investment, such as Specsavers’
£13m purchase of The Arc on NG2 Business Park for part occupation and part investment, the Speedo House £8.6m sale to KJS and PMW Property’s purchase of The Curve for £5.63m.
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