Work is underway to turn an empty commercial building in the heart of Nottingham into bespoke student flats, thanks to a deal secured by property consultants Bruton Knowles.
The 2,088 sq. ft. building in Cranbrook Street was recently sold for £320,000 to property developer Harren Investments for conversion into two modern five-bedroom apartments.
When completed it will provide en-suite accommodation for 10 students, with redevelopment expected to be finished in time for the start of the 2018/19 academic term.
The empty three-storey property, comprising three floors, eight rooms and a basement, had been used as a printing shop with office space for many years. It was sold due to business relocation.
Harry Warren of Harren Investments in Nottingham, said he was very pleased to have purchased the building for redevelopment.
“We’re always on the lookout for buildings like this with great potential. We recently completed the show flat and we have already fully-pre-let the property for the next academic year,” Harry explained.
“We’re glad to have found this property and we’re grateful to Sam at Bruton Knowles for all his help in securing it for us and supporting us through planning regulations.”
Sam Spencer, associate at Bruton Knowles in Nottingham, agreed the deal; securing a lease for 12 months to allow the new owner time to obtain planning permission, followed by the sale of the freehold.
Sam said: “We are pleased to announce the sale of this three-storey property in the city centre. The premises had been on the market for some time as a business sale after our clients decided to relocate, so we are glad to see it being returned to good use as student accommodation by a local property developer.
“We’ve seen a huge rise in the conversion of commercial to residential property across the city, and we have been involved in a number of cases where we have been able to give sound advice and support with planning permission approvals. In this case we supported the proposed classification change from B1 use to C4.
“When purchasing commercial property landlords should consider securing planning approval in the early stages and be sure to conduct in-depth research, while safeguarding their position should planning permission not be granted.
“Our client Harren Investments has pre-let the property at a rent in excess of £65,000 per annum. We are happy to discuss the availability of the completed property with investors.”