Office News

M7 have confirmed that they have completed the largest office letting in Nottingham since the first quarter of 2016 with the announcement that they have let their 31,000ft² building at Central Park, Lenton Lane, Nottingham to Siemens Plc in a deal brokered by FHP (Nottingham).

M7 Real Estate ‘M7’ the pan European Investor and Asset Manager have confirmed that acting on behalf of M7 Real Estate Investment Partners II (‘M7 REIP II’) they have completed the letting of their 31,000ft² building at Central Park, Nottingham, NG7 2NR.

The building was originally constructed in the early 1990s and acquired by M7 in 2015. At the time of acquisition the building had been vacated by Tech Guys (part of Dixons Stores Group) with the building being in a poor state of repair but held on a lease which ran until August 2017.

In advance of the end of the lease M7, through their Agents FHP, undertook soft marketing of the property and they identified Siemens who were seeking to identify a property to relocate from their existing offices at Lambourne Drive in Wollaton.

By presenting a bespoke refurbishment package M7 have attracted Siemens to the property – they committed to undertake a fast track refurbishment bespoke to Siemens requirements integrating both the Landlord’s and the Tenant’s work to enable the building to be delivered and ready for occupation in November 2017.

John Murnaghan of M7 confirmed:-

“We are delighted to have attracted Siemens to Central Park – we spotted the opportunity of the building when we purchased in 2015 for us to be able to provide Grade A offices in a highly accessible and convenient location at a rental less than that being charged elsewhere within the City. Working with our professional team we put together a package to work with Siemens to deliver the building in a short period of time”.

The pre-negotiations enabled M7’s Contractors, Office Innovations, to immediately start on site at the beginning of September, the comprehensive refurbishment involving renewal of air conditioning, reconfiguration internally, new ceilings, lighting, WCs and carpets in a refurbishment project understood to have a value of circa £2 million.

FHP’s Nottingham Office worked with M7 and Western Allison Wright (WAW) as Project Managers in agreeing the deal.

John Proctor at FHP confirmed:-

“This is a key deal for Nottingham – the refurbishment of Central Park retains a key employer of Siemens’ stature within the City for the foreseeable future and brings back to life an outdated building. The proactive approach of M7 and their commitment to give us the flexibility to put forward bespoke refurbishment proposals to Siemens and deliver on a fast track basis were key to enable us to deliver a complex deal in such a short period of time.

With this deal confirmed FHP have now been involved in office transactions within the East Midlands area totalling more than 400,000ft² made up of sales, lettings, freehold acquisitions and leasehold acquisitions for a variety of Private Clients, Professional and Corporate Occupiers, Property Companies, Private Investors and Financial Institutions.

END

John Proctor