£29m forward funding deal secured for E.ON pre-let

Charles Street Buildings acquires Nottingham office scheme

Article posted: 29 Mar 2011

Acting on behalf of Miller Birch Developments Limited, King Sturges' Nottingham Agency and London Investment teams have secured the forwarding funding deal to deliver the 105,000 sq ft office pre-let to e.on.

 
The office scheme in Nottingham city centre has been acquired by Leicester based property company Charles Street Buildings for £29.25m, with an annual rent of £2.045m per annum this equates to an initial yield of 6.62%.

Angus Minford of King Sturge commented: "This funding illustrates the demand from the private investor sector for well let, long leased product. The demand for which we see continuing throughout 2011."

 
The development site has now been acquired off market from Nottingham City Council and the demolition of the existing building is already under way with completion due in August 2012.

 
King Sturge Partner Matthew Smith commented " We are extremely pleased with the outcome of this deal, having been involved from its inception by helping deliver the site, securing the occupier and finally through to its funding King Sturge have offered a seamless service. This was the largest 2010 office pre-let in the UK out of London, we hope the deal and lack of Grade A space will act as a further catalyst for similar occupier requirements coming forward in the East Midlands region.”

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Posted by Sam