Specialist business property adviser, Christie & Co, has sold a pair of ‘Outstanding’ day nurseries in Nottingham and Derby. The first setting, Handkerchief Day Nursery and Forest School in Kegworth, Derby, was a former cowshed which previous owner, Nicola Wood, transformed into an ‘Outstanding’ setting. It benefits from large grounds forming part of the forest school, and boasts space for circa 90 children. The second setting, Grosvenor House Day Nursery and Pre-School in Edwalton, Nottingham, is also an ‘Outstanding’ rated day nursery which Nicola Wood and Tony Pritchard renovated in 2015. Dating back to the 1880s, this was an attractive former school with a plethora of original features which the pair brought back to life as an exciting, unique day nursery setting with an effective operating capacity for circa 160 children. Together, the nurseries offer a combined income of over £3 million and capacity for over 250 children aged zero to five years. Following a confidential sales process with Christie & Co, the nurseries have been sold to Family First, which operates circa 75 settings across the UK. Tony Pritchard says: “Making the decision to sell our nurseries was not one we took lightly, and it was important for us to find the right custodians in terms of shared values and ambition. Nick (Christie & Co) was able to guide us through the sales process and we were fortunate enough to meet an array of amazing operators. “However, upon meeting Craig, we knew that Family First were well placed to build upon what we’d created and more importantly, provide opportunities for the team to develop and grow. We look forward to watching the exciting journey ahead for the team at Family First.” Craig Grant, development and strategy officer at Family First, says: “We are delighted to welcome on board all of the staff, parents, and children from these two amazing settings. The quality of care and learning that these nurseries offer, combined with the properties which provide fantastic indoor and outdoor environments for all the children, is second to none. “From the first time I met Nic and Tony, you could not fail to be impressed by what they have achieved at these flagship settings which fit perfectly into our growth plans for Family First in these locations. We would like to wish Nic and Tony all the best for the future and we are delighted to be able to build on what they have achieved to date.” Nick Brown, director & head of Brokerage – Childcare & Education at Christie & Co, who handled the sale, says: “It has been a pleasure working with Nicola and Tony and being able to appreciate what they have created. On walking into these nurseries, you cannot fail to be impressed by what they offer both the parents and children in terms of aesthetics and childcare. “No expense has been spared in making these settings the ‘go to’ leading nurseries in the area. I am delighted that we have been able to secure a fantastic sale for them both, and I believe Family First will build on these acquisitions and continue to grow in the surrounding area. The demand in the East Midlands has continued to grow as buyers begin to expand their acquisition areas looking for more high-quality settings.” The two nursery settings were sold for an undisclosed price.

More than £8m was generated for Leicester City Council last year by the industrial units, office space, shop units and other commercial land and property that it owns. Gross income of £8.34m (£5.86m net) is the headline figure in a new Corporate Estate Annual Report, which sets out the performance of the council’s extensive investment portfolio over the last financial year. The report shows that income from commercial land and property continues to boost the funds available for vital council services, representing 2% of the council’s net revenue budget in 2021-22. Leicester’s varied portfolio is spread across a number of sectors and investment types, with security prioritised over yield to ensure risk is kept as low as possible, and with the city’s long-term economic prosperity a key strategic aim. City Mayor Peter Soulsby said: “The city council has invested in land and property for generations – and that prudent investment and sound management of the corporate estate portfolio over the years continues to bring benefits to the city today. “Last year, income from our corporate estate provided a much-needed boost of nearly £6million to the city’s general fund – which meets the cost of the city’s most valued council tax-funded services including street cleaning, refuse collection, parks, pothole repairs, libraries and community centres. As funding from elsewhere diminishes, the income generated by the council’s corporate estate portfolio will become increasingly important. “Today, the council is still the largest land and property owner in the city and it will continue to invest in land and property as a means to generate sustainable income streams that support our local priorities, our local communities and the local economy.” The annual report shows that the council’s corporate estate portfolio comprises 378 commercial sites in the city and county, with a total valuation of £123million. Its value was boosted in November 2021 by the purchase of the Haymarket Shopping Centre, whose value has since increased by 5%. Gross income from the sites in 2021/2022 was £8.34million (£5.86m net) – a gross yield of 6.78% for the year ended March 2022. Although running costs have increased in line with the portfolio’s growth, this was a slight increase on 2021 (6.67%). Of the council’s investment portfolio, the largest single sector by volume, value and income is the industrial sector – which includes sites such as the Boston Road units, the Willowbrook Workshops and Freemen’s Common Road. The industrial sector represents 33% of the portfolio, is valued at £41m and generated an income of £2.45million for the council in 2021/22. The retail sector represents 30% of the portfolio, with a third of the shop units owned by the council located in neighbourhoods, while office space represents 21% of the corporate estate portfolio. Areas outside these three core sectors – including farmland, grazing areas, car parks, advertising hoardings and even a former pub – represent 16% of the portfolio. Revenue from this sector was £2.1million in 2021/22.