Work is underway to transform an empty printing house in the heart of Nottingham into student apartments.
The 2,088-square-foot building on Cranbrook Street was recently sold for £ 320,000 to property developer Harren Investments to be converted into two modern five-bedroom apartments, in a deal overseen by the consultancy firm in real estate Bruton Knowles.
When completed, it will provide en suite accommodation for 10 students, with the redevelopment to be completed in time for the start of the 2018-19 academic term.
The empty three-story Cranbrook Suites property – comprising three floors, eight bedrooms and a basement – had been used as a printing house with offices for many years. It was sold after the company moved.
Harry Warren, of Harren Investments in Nottingham, said: “We are always looking for buildings like this with great potential.
“We have recently completed the show apartment and have already fully pre-let the property for the next academic year.”
Sam Spencer, a partner at Bruton Knowles in Nottingham, accepted the deal – securing a 12-month lease to give the new owner time to get a building permit, followed by the sale of full ownership.
He said: “We are pleased to announce the sale of this three story property in the city center.
“The premises had been in the market for quite some time as a business sale after our customers decided to move.
“We have seen a dramatic increase in the conversion of commercial to residential properties across the city, and we have been involved in a number of instances where we have been able to provide sound advice and support for approvals. building permit.
“When purchasing a commercial property, homeowners should consider getting planning approval early on and be sure to conduct thorough research, while protecting their position if the building permit is not granted. not granted. “
“Our client Harren Investments has pre-let the property at a rent over £ 65,000 per year.”