Overview:
Purchased off-market from Nottingham City Council in October 2020 during the COVID-19 pandemic with an immediate short-term leaseback to the Council.
The purchase remains the only freehold transaction on Blenheim Industrial Estate, with the remainder of the estate held on LLH agreements with the Council as the ultimate freeholder.
The building extends to 40,692 sq ft set upon a site area of 2.70 acres and was built in 1989. As part of the purchase we obtained the assignment of an existing dilapidations claim against an historic tenant.
The building was significantly dilapidated and needed wholesale refurbishment, including full roof replacement.
We secured Encon Insulation Limited on a 10-year AFL during the leaseback term. Under the AFL, the building was comprehensively refurbished and the concrete yard was substantially extended. Works commenced immediately following the short-term leaseback.
Our refurbishment took the EPC from a low ‘C’ rating to a high ‘B’, future proofing the investment.
The investment was subsequently sold to Aberdeen Standard acting on behalf of Nottinghamshire County Council pension fund.
