Watling Real Estate has been appointed to sell a prominent, mixed-use, city centre investment in Nottingham.
Ben Holyhead and Toby O’Sullivan of Watling are seeking offers in excess of £2.3 million for Huntingdon House at 278-290 Huntingdon Street, Nottingham.
The 16,256 sq ft is currently 69% occupied, producing gross annual rental of £297,886, but the agents stress that the site has potential for change of use and redevelopment, subject to planning.
Huntingdon House is held long leasehold, on a 125 year lease from August 1977 at a peppercorn rent, however, the freehold is owned by Nottingham City Council which is understood to be open to discussions on the sale of the freehold.
The property comprises a three storey building, providing multi-let retail space and serviced office accommodation, with covered car parking with 14 spaces to the rear. This includes four self-contained shops at ground level, each overlooking Huntingdon Street with return frontages on to Rick Street and Kent Street.
The first and second floors provide a mix of open plan and cellular office accommodation, currently operated as a serviced business centre.
Ben Holyhead, associate in Watling Real Estate’s Birmingham office, said: “The immediate area comprises mixed-use property, but high demand for student and residential accommodation within Nottingham city centre is driving change of use development.
“Huntingdon House offers various asset management opportunities, via rental uplift, refurbishment or redevelopment, or potentially change of use to student, residential or co-living accommodation, subject to planning permission.”
