Sunday, July 3, 2022

Nottingham building acquired from South African property fund for £3.7m

Maven Capital Partners, a UK property and private equity manager, has acquired a 28,000 sq ft building in Nottingham city centre for £3.7 million from a South African-listed property fund.

The transaction was funded by Maven Investor Partners, an established network of professional client investors.

The acquisition is in line with Maven’s strategy to target properties with value-add potential across key UK regions.

The property comprises a city centre building over basement, ground, and first floor level, and benefits from rental income from two retail units which are currently let to two well-known high street retailers.

Situated in a prime location in Nottingham city centre, opposite the Victoria Shopping Centre, the building offers significant opportunity for re-development above the retail units.

Planning permission will be sought to create a purpose-built student accommodation (PBSA) development on first and additional upper levels, while retaining the ground floor retail units.

Andrew Whiteley, Partner at Maven, said: “The strong ongoing demand for purpose built student accommodation from both domestic and overseas students underpins our continued interest in this sector.

“Early reports suggest an increase in applications to UK universities again this year, further supporting the evidence of individuals investing in higher education in uncertain times.

“Nottingham is one of the largest regional student cities and we are delighted to be pushing forward with a planning application to provide an excellent base for students looking to enjoy all the benefits of city centre living.”

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