Office News

A major office complex in Nottingham city centre has been sold in a £7m deal.

BizSpace, the flexible workspace provider, has bought 31-35 Park Row, which includes three buildings totalling 52,600 sq ft.

BizSpace says it has bought the three buildings with a view to an immediate £1.8m refurbishment of 35 Park Row, which is currently vacant, into a business centre space. The remaining two buildings are currently occupied by Lloyds Bank and KPMG.

Emma Long, commercial director at BizSpace said:

“Our acquisition of Nottingham Park Row reflects our expanding business and the increasing demand we’re seeing for high-quality, flexible office space in the regions. With more people going freelance or setting up their own businesses, Nottingham is becoming an increasingly attractive hub for start-ups and, with around 3 million people living within an hour’s drive and our two other centres here already full, we anticipate strong take-up when we open early next year.”

Mark Tomlinson of FHP who acted on behalf of the sellers commented:

“The refurbishment of 35 Park Row will provide some of the badly needed office space sought by occupiers in Nottingham City Centre. This will see some 23,000 sq ft of Grade A space brought to the market in the early part of 2020.

We are delighted to have secured this deal for our clients.”

Barry Riley of Alstonefield Real Estate acted of behalf of BizSpace in the deal.