Why did we buy it?

Sherwood Park is one of Nottingham’s dominant business locations, with existing occupiers including Babcock, Dell, Eddie Stobart, L’Oreal, and SPS Aerostructures. Nottingham and Derby are under 20 miles away and East Midlands Airport is a 20-minute drive. The building offered a number of redevelopment and refurbishment options, to appeal to a wide variety of occupier requirements.

What have we done since purchase?

We have undertaken a rebranding and marketing exercise and secured planning permission for alterations to the site, including an option to extend the building by over 20,000 sq ft. In June 2020, we completed a short-term letting to DFS and then worked with the occupier to secure a longer-term lease for five years from March 2021, as they continue to focus on the growth of e-commerce.

What is the future?

As part of the new letting to DFS, we will undertake £1.6 million of significant capital refurbishment and upgrade works, working with the occupier as it operates from the unit. The works will include:

• stripping out previous alterations, electrical remediation, and other statutory upgrades;
• significant alterations to the west elevation of the building, to reconfigure the car park into a concrete service yard; and
• addition of ten new dock levelers and two-level access doors.