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| CARDINAL SQUARE; NOTTINGHAM ROAD,
DERBY |
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Cardinal Square is situated fronting
Derby’s Ring Road on the A42 at its junction with the A6 within walking
distance of the City’s main retail area and main line train station.
The building was acquired in November 2000 for £2 million. On a net
internal floor area of 113,000 sq. ft. Nurton Developments effected a capital
value of £17.70 per sq. ft.
At the time of purchase the building was predominantly vacant with the
main tenant having a lease on one of the four blocks, which are arranged
around a central courtyard. On completion of this building Nurton Developments negotiated
a surrender with this tenant for a reverse premium of £1,100,000,
which effectively meant the building cost us only £900,000 which
equates to a capital value of just over £8 per sq. ft.
Refurbishment of each block was started on a phased basis to include treatment
of the external cladding panels, refurbishment of the common areas and the
ten office floors, which included removing the air conditioning bulkhead
which ran through the centre of each floor. Since the acquisition of this
building three of the four blocks have been refurbished, attracting top
quality covenants such as Derby Metropolitan Police, Derby City Council,
National Care Standards Commission and Northcliffe Group Newspapers. These
lettings have been at rents of between £8 and £9 per sq. ft.
on lease terms ranging from 5 to 15 years.
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