An empty commercial property in the heart of Nottingham has been sold to property developers for redevelopment thanks to a deal secured by Bruton Knowles.
The 2,088 square ft building located in Cranbrook Street recently sold for £300,000 to Harren Investments Ltd for conversion to two modern four-bedroom flats with a desirable city centre location.
The three-storey property was utilised as a printing shop with office space for many years and comprises of three floors, eight rooms and a basement. The sale of the building was due to business relocation.
The deal was agreed by Sam Spencer, associate at Bruton Knowles, with a lease secured for 12 months to allow for the new owner to obtain planning permission, followed by the sale of the freehold.
Sam Spencer said: “We are pleased to announce the deal completion of this three-storey property in the city centre. It had been on the market for some time as a business sale when our clients decided to relocate, so we are pleased to see the building be put back to good use by a local property developer.
“We have 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, whilst safeguarding their position should planning permission not be granted.”