Newly-built units on a £12m Nottinghamshire regeneration development have been purchased on behalf of an investor. The properties comprise of Phase 1 of the Stockwell Gateway development in Mansfield, which saw restaurant chains Taco Bell, Tim Hortons and Dominos open their doors there last summer.
Now, the Mansfield properties, built by the ARBA Property Group on the site of the former bus station, have been purchased on behalf of a family Trust by commercial property specialists Garness Jones.
The site is expected to have further investment and development on phase 2 and nearby. Work is also underway to create a brand new, six-storey hotel with 100 rooms and three restaurants on the site.
“This is an acquisition which really reflects our ability to be aware of what is happening in the commercial property market, as excellent opportunities can arise out of new developments such as this one,” said David Garness, who has overseen the deal on behalf of the investor.
“These new premises were only completed last year, and further regeneration and development is due with an expected brand new, six-storey hotel with 100 rooms alongside. Recently completed developments such as this can provide an excellent opportunity for investors as developers are often keen to find buyers once they have completed their build project and have attracted high-quality tenants.
“This makes them highly sought-after, so it is paramount that, as advisors on potential investments, you have your finger on the pulse to be able to offer clients opportunities such as this as they arise. This project has been a significant regeneration of this area of Mansfield, becoming a focal point and one which is intended as a catalyst for future growth and investment, which is obviously beneficial for our client."
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