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University building sold to developers

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The University of Nottingham’s former Education Centre in the city has been sold to student accommodation firm Fortis Development Limited with the help of Innes England.

Commercial property agent Innes England acted on behalf of The University of Nottingham and sold the buildings in Shakespeare Street and Peachy Street to Fortis Development.

The developers exchanged contacts unconditionally and have completed their purchase as well as securing a planning consent for student accommodation.

Matthew Hannah, director of retail and roadside at Innes England, said: “The attraction of an unconditional offer and certainty of a transaction made the decision to progress with Fortis Development straightforward.

“Although it is in part a listed building, Fortis Development and Nottingham City Council’s planning department delivered a prompt consent, with planning secured in December when terms had only been agreed in August. This should give confidence to other inward investors that matters can be dealt with promptly if the right information is provided.”

The developers, based in Manchester and Liverpool, aim to transform the 13,826 sq ft building into student accommodation by the end of the year.

Carl Rowland, acquisitions director at Fortis Development Limited, said: “Innes England offered a pragmatic approach and secured the deal promptly.

“The building is ideal for student accommodation, both the location in the city as well as the space available. The fact the building in Shakespeare Street is Grade II listed, certainly added to its appeal.”

The original buildings were constructed in the late 19th century and are located conveniently close to the main Nottingham Trent University campus and Victoria Centre.

Graham Ward, commercial director at The University of Nottingham said: “We chose to sell the Education Centre because we had quite simply out-grown the space. We have now relocated to the Jubilee Campus which is outside of the city centre as it suits our space requirements more efficiently and offers a better learning environment for education students.

“The deal ran smoothly and I was particularly impressed with Innes England’s professionalism and marketing capabilities.”

 

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