Nottingham’s Axis changes hands

HBD has sold The Axis, a 192,680 sq ft mixed-use scheme in Nottingham, to Jersey based investor UKRO in an off-market transaction.

HBD is part of the 130-year old Henry Boot PLC, one of the most progressive property companies in the UK. The developer is currently working with a commercial pipeline in excess of £1bn.

HBD acquired The Axis in 2006, then a landmark department store, completing extensive redevelopment works in 2009. The scheme was subsequently named Midlands Mixed-Use Development of the Year by Property Week.

Located at the heart of Nottingham City Centre, The Axis comprises a diverse mix of office, retail, leisure and residential space, along with 193 secure car parking spaces. Occupiers include The Driving Standards Agency and London Clubs International Plc, trading as Alea Casino.

Justin Sheldon, Regional Manager at HBD, said: “The Axis is illustrative of HBD’s long-term approach to development and our commitment to investing in Nottingham, across asset classes. We continue to progress several major projects in the city, including New Horizon, the former home of Imperial Tobacco, and the Angel Row scheme. Nottingham remains a key focus for future opportunities and continued investment, which is currently in excess of £100 million.”

James Taylor of ADAPT Real Estate said, “UKRO is delighted with its first acquisition in Nottingham. UKRO has now assembled a portfolio of nine securely leased, CBD office properties spread across the UK’s major Regional markets (ex London). Our investors are of the view that the core fundamentals in the regional markets will prevail in the medium term and we will continue to add to the portfolio.”

UKRO was represented by ADAPT Real Estate and Ship Street Advisors, while HBD was advised by Christopher Dee, JLL, and HEB.