NEW ACQUISITION FOR PMW PROPERTY
PMW Property has continued to remodel their property investment portfolio by completing the acquisition of The Curve, NG2 Business Park in Nottingham. The site is a prime 30,000ft² HQ building for a well known company on a lease expiring December 2025, with an annual rent of £510,000 per annum.
In recent years however there has been a significant change of emphasis within our group and we have successfully completed a number of new build schemes. These include a trade counter scheme and complementary industrial units in Swadlincote and new warehouses at Alfreton. We are also embarking on the marketing of a distribution site on the A50, which can accommodate a 130,000ft² distribution unit.
PMW Property has always been astute in our choices as to which sectors and which locations we invest in. Market sentiment over the office sector has been mixed in certain quarters but we believe that there is an opportunity at the current time to invest within prime offices, in solid locations.
Mike Wrigley, Managing Director of PMW Property, confirmed: –
“We work closely with a number of agents but mainly FHP. When John Proctor offered me the opportunity at The Curve, it resonated very nicely in a complementary way with our own thinking as to how we should look to acquire properties as the economy and property sector seek to continue to evolve.
We have traditionally looked at the industrial and logistics sector as our default to invest in but during the pandemic, the exponential growth of e-commerce and the need for businesses to reach out directly to their customers has meant that pricing in this sector and sourcing opportunities, which we feel have value, has been a challenge.
We do see that the office sector is one where there will be an emergence of rental and capital growth as the market regains and retains its confidence.
The Curve attracted us as it is located on Nottingham’s best business park and is let to a high-quality tenant.
We recognise that there may be changes in occupational requirements. The Curve attracted us because the internal configuration allows the building to potentially subdivide floor by floor and if necessary, on a wing-by-wing basis. The passing rent of £17 per ft² represents good value compared with the values of new build sectors and the rents being achieved elsewhere within the city.”
PMW Property are looking forward to working with their new tenants which has always been a key component of our business model and we continue to look for more opportunities in all sectors.