Family owned trading company, the RO, has acquired 37 Park Row in Nottingham. The building is a modern multi let office property situated in a prime position on the corner of Park Row and Cumberland Place in the heart of Nottingham’s historic Castle Quarter and was acquired from Mayfair Capital.
37 Park Row is fully let to the undoubted covenants of Nottingham City Council and Thompsons Solicitors LLP. The office building comprises 26,513 sq ft across four floors and has 21 secure car parking spaces.
The property is let off a low passing rent of £17.83 per sq ft with prime rents in Nottingham having now reached £25 per sq ft. Neighbouring occupiers include KPMG, Freeths, Eversheds and RBS. The property benefits from being adjacent to Mount Street NCP multi storey car park and is in close proximity to Nottingham’s principal retail pitch providing an extensive amenity offer.
Nick Cashmore, investment director, RO Real Estate, said: “We are delighted to complete the acquisition of 37 Park Row, Nottingham which represents another strong addition to the portfolio. The purchase is in line with our strategy to focus on buildings with quality fundamentals where there is potential to improve ESG credentials.
“The low average rent in the building twinned with the very limited Grade A office supply and development pipeline in Nottingham is an attractive dynamic. We continue to seek new additions to the portfolio in strong commercial locations with asset management and future development potential.”
David Kershaw, group real estate director, RO Real Estate, said: “We are very happy to have made this investment in Nottingham, one of the top ten fastest growing economies in the country outside of London, and which boasts high profile corporate occupiers such as Domestic & General, Boots, E.ON, Gateley, Specsavers, RSM, Experian, Siemens, Eversheds Sutherland, and KPMG.
“Nottingham has invested significantly in its infrastructure network, including a £150 million upgrade of Nottingham Station in 2018 and a £570 million extension of the NET Tram system, which has supported the expansion of businesses, cementing the city’s position as a core regional hub, and making it an attractive location for us to invest in.”
The RO Group was advised by JLL. Mayfair Capital was advised by CBRE.
