Commercial Finance Specialists

Stainton and Middle Eastern investors have bought Chapel Quarter, Nottingham, from London Asset Management’s Scottish Life Fund for £20 million in a new joint-venture. The commercial property investment represents a yield of 8.75%.

Chapel Quarter, a 145,000 sq. ft prime mixed-use scheme in Nottingham, includes four floors of offices, six prime retail units and a 120 bedroom Holiday Inn Express hotel. Nine tenants, including Thomson Reuters and Barclays, occupy 91% of the development, with an average lease length remaining of 14 years.

James Longden, the Chief Investment Officer of Stainton Group, declared the company satisfied after a long negotiation to conclude the deal.

"We spent many months working with the vendor Royal London Asset Management to ensure the successful completion. We are very pleased to have made this investment in the Nottingham market and we strongly believe in the fundamentals that Nottingham has to offer as a location.

"We look forward to working with the local, national and international tenants in improving and consolidating Chapel Quarter’s position and image in the center of Nottingham."

It was Stainton that also negotiated the commercial finance package for the deal with Deutsche Postbank AG, and they will be appointed Asset Managers of the joint venture. They are expected to micromanage minor property development work, which, it is hoped, will better reflect the quality of rental clientele.