In a testament to the growing confidence of the East Midlands commercial property market, Innes England has completed a major deal with an offer being tendered within 24 hours of the property reaching the market.
Located at The Triangle, at Nottingham’s NG2 Business Park, the detached 5,730 sq ft property was put on the market on December 5, with an offer at the asking price being received the following day.
The final paperwork concluded on Valentine’s Day just 10 weeks later, with the new owners now planning to move in by the summer.
The seven-figure deal reflects the burgeoning commercial property market in the East Midlands despite it still absorbing the consequences of the UK’s economic turmoil in the second half of last year.
Ross Whiting, director at Innes England who handled the deal having previously managed the property, said: “The striking thing about it has been the quick turnaround between putting the property to market and signing the final bits of paperwork.
“Especially for a property of this size and for a solid price, the fact that an offer was tendered within 24 hours which was consequently paid just ten weeks later, with Christmas and the New Year period in between, is remarkable. The quick timeframe meant that handling the transaction was an exercise in due diligence and ensuring every detail was taken care of.”
Colleague Andy Nuttall, associate director in the property asset management department, added: “Our management of the property served us well as we worked with all the parties involved to ensure a smooth sale process, including dealing with the service charges and compliance. We are also pleased to continue managing the property on behalf of the new owners.”
The vendor, Rod Shiers, said: “It wasn’t surprising to see such keen interest in the property – it’s an impressive building in a desirable location that has great access to the tram and the A52. Ross and the team at Innes England worked hard to assist us in achieving a prompt sale and gave good advice throughout the process.”
