Speedo House, Enterprise Way, NG2 Business Park, Nottingham, NG2 1EN
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The property is located on Nottingham’s premier out of town office park, one mile from Nottingham city centre and accessible via Nottingham’s tram system, the NET, with a station on the park. The property comprises a 2010 built detached Grade A HQ office building extending to 3,511.08 sq.m (37,801 sq.ft) with 105 car parking spaces. High quality specification including a full height galleried reception and a BREEAM Excellent rating. Let to Speedo International Ltd, guaranteed by Pentland Group Ltd, for a further six years. Guarantor has a Dun & Bradstreet rating of 5A1. FRI lease. Rent £732,281.59 per annum (£20.00 per sq.ft). Freehold. Offers sought in excess of £7,227,000 which reflects a net initial yield of 9.50% and a low capital value of £191.00 per sq.ft.
DTZ Investors, represented by Atlas Real Estate, has successfully disposed of a single let out of town office building on NG2 Business Park, Nottingham.
The property comprises a 2010 built three-storey HQ office building totalling 37,801 sq ft and is let to Speedo International Limited, guaranteed by Pentland Group Limited, at a rent of £732,282 per annum on a lease expiring in October 2027. The sale was launched in September 2021 and attracted strong interest from real estate investors. The sale follows the implementation of the asset’s business plan having successfully completed a lease regear during 2019 which significantly improved the unexpired lease term.
The property was sold for £8.6m reflecting a net initial yield of 8.00% and representing a capital value of approximately £228 per sq ft.
Tom Royston, Director at DTZ Investors, said: “We are delighted to have successfully completed the sale of the Speedo HQ office building situated on NG2 Business Park, Nottingham. The sale fully aligns with our strategic objectives and continues to deliver our repositioning strategy where we were able to maximise the sales receipt having successfully regeared the lease during 2019. The sales proceeds will be reinvested as we continue to grow the portfolio.”
Ben Blackwall, Director at Atlas Real Estate, said “The sale of this asset was keenly contested with over 15 parties submitting proposals. The final sale price was 20% over the original quoting price highlighting the renewed demand for the office sector and delivering an excellent result for our client, DTZ Investors.”
DTRE acted for the purchaser.
