Family-owned business RO Real Estate has bought a four-storey office building at 37 Park Row in Nottingham from Mayfair Capital.
The 26,513 sq ft workspace is located in the heart of the city’s historic Castle Quarter. It is fully let to Nottingham City Council and Thompsons Solicitors. It 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.
Nick Cashmore, investment director at RO Real Estate, said: “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.”
RO was advised by JLL, while CBRE acted on behalf of Mayfair Capital.
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