Property consultants, Box Property, has secured the strategic purchase of 7 Mansfield Road, Nottingham on behalf of long-term client Megaclose Properties to expand its portfolio and significant ownership within this part of the city centre.
The prominent 21,000 sq ft multi-storey office property, built in the late 1960s, is arranged over six floors and is less than 250 metres from the city centre campus of Nottingham Trent University.
Currently accommodation for multi-let offices, the property has been purchased and planning has been granted for conversion from its former office use into an 88-bed student accommodation scheme with a ground floor retail unit.
Redevelopment works are expected to start imminently.
Frankie Labbate, co-founder and director at Box Property, said: “The Mansfield Road property acquisition fits in perfectly with the client’s existing portfolio and its ethos to provide quality student accommodation within half a mile of Nottingham’s universities.
“As specialists in buying and selling prime city centre sites with a variety of uses, we’ve worked closely with Megaclose since we set up our practice to consistently bring them off-market, prime residential opportunities to help them grow their city centre presence.”
Located in Nottingham city centre on the corner of Mansfield Road and Peachey Street, it is within walking distance to Victoria Centre bus station as well as the leisure and retail facilities nearby including the Corner House and Trinity Square. It is also less than 200m from the proposed Guildhall development which is expected to include a premium hotel and student accommodation.
The news comes on the back of another recent purchase by Box Property of a retail unit on Goosegate in Hockley on behalf of Megaclose. The student accommodation specialist has plans to turn the upper floors into a 27-bed development.