West Bridgford-based commercial property agent, Box Property, has agreed to the purchase of 40 The Ropewalk on behalf of local private investor, Michael and Peter Johal family trusts.
Leased by long-term tenants DBS Law Limited as an office, the striking self-contained period building is in a prime location within the city’s professional quarter and The Park Conservation area.
The Grade II Listed property, has commercial accommodation across the basement, ground, first and second floors and a number of private parking spaces to the front and rear of the building.
Originally a regency home, the 3,214 sq ft building was given planning consent back in 1985 for the change of use from residential to commercial. It is let at a rent of £40,000 per annum, with the building being purchased for just over £700,000.
Ben Tebbutt, director of Box Property, said: “40 The Ropewalk must be one of the most well-placed and beautiful buildings in Nottingham. In addition to it being within a few minutes’ walk to the retail heart of Nottingham city centre and having the exclusive parking, the building benefits from striking exterior and interior features.
“Working with our client on securing this unique building has been pleasure and the office facility provides a brilliant working environment for the current occupier plus space for growth. This is a great investment for my client and will continue to be of interest to office occupiers but would also easily convert back to residential use.
“Nottingham is a smart place to invest in and who wouldn’t want to work at 40 The Ropewalk and overlook The Park.”
Tim Harries of Tim Harries & Partners acted on behalf of the vendor.
Ben added: “The property investment market is still strong and we have seen competitive bidding situations on a number of recent sales. Private investors and small property companies are very active in the smaller lot sizes of up to £1.5m with larger property companies and property funds still having appetite for larger lot sizes.”
Box Property works with a myriad of local and national brands including Universal Works, 200 Degrees, West Cornwall Pasty Company, Bunk Bar, Clean Cut, Iberico, Cow Clothing, QD Stores and Ideal Care Homes.