A family-run property firm has expanded its portfolio with the acquisition of a block which could become an office space for a care provider.
The Nottingham-based Younas Family have purchased Unit 2 Pelham Court, in Pelham Road, off the city’s Sherwood Rise, for a six-figure sum.
It is just a stone’s throw away from two of the family’s other properties – Clarendon Park, which is Unit 1 Pelham Court, and the nearby Lancaster House.
The Younas’ latest acquisition – which brings the total of their commercial acquisitions in the NG5 postcode alone to £4m – consists of 2,000 sq ft of office space.
It had previously been owned by a counselling service, which has shifted to working online amid the pandemic.
Company director Shamraiz Younas said: “We are delighted to have been able to add this unit to our portfolio, which is next door to our other unit.
“I bought it off-market and spoke to the vendor directly. To have care providers interested is fantastic – we are very aware of the sterling work carers do.”
Discussions began six months ago, when Mr Younas initially approached the vendor. The deal was struck recently, with Mr Younas praising the swift transaction process.
The unit formerly comprised a large business facility over three floors, with a meeting room, boardroom and smaller rooms for counsellors.
There are seven off-road parking spaces, a modern fit-out, kitchens, bathrooms and LED lighting, and the developers are hoping to install electric charging points for vehicles.
“Our plans are to fully renovate the building and work will start shortly – our in-house construction team will be doing the renovations,” he added.
The company will be transforming the building into self-contained office space, to be let out.
Two care providers have already shown interest, with a view to taking on a long-term lease.
The Younas family are not fazed by the current trend of home-working taking precedence.
Mr Younas said: “We have more than 35,000 sq ft of acquisitions in the area and we have managed to fill it all.
“I think there is still a demand for offices. People will work from home, but many companies prefer to work from offices, particularly new businesses.”
Renovations are hoping to be completed by February 1.
The Younas family have their sights on an even more successful 2022 and are looking to grow bigger and faster in terms of commercial space, with a number of deals set to be complete in the first quarter. The firm is actively looking for acquisitions.
