Squarestone Growth, a high yielding regional fund, has successfully repositioned Aspect Business Park, Nottingham, reaching 99.7% occupancy within 18 months of purchase.
Squarestone Growth has attracted large occupiers including NHS Nottingham West CCG and Your Move, who join an impressive tenant line up including M&S, Gleeson and Homeserve.
The asset, which consists of two properties, totalling 67,000 sqft, was acquired in December 2017 for £7million reflecting 9.5% NIY. Squarestone Growth immediately launched a number of initiatives to transform the asset; including external landscaping, car parking and fully refurbishing the interiors.
The property was acquired with a vacancy of 5% but this quickly increased to 20% as GRT Lift Company’s lease was coming to an end. Following a comprehensive refurbishment the NHS let the vacant suite and moved in a former sub tenant Nottingham City Care Partnership to 10,500 sqft on a nine year deal with a rent reflecting £12.80 psf.
The second deal, a vacant 3,111 sqft suite had lain empty since construction ten years ago, having never been let. Squarestone modernised the suite with LED lighting and new interiors. The modern space and affordable pricing instantly attracted Land & New Homes, guaranteed by Your Move, at £11 psf on a ten year deal.