RADFORD MILLS SOLD FOR POSSIBLE REDEVELOPMENT AS STUDENT ACCOMMODATION
SAVILLS SEWS UP £1.7M SALE OF RADFORD MILLS, NOTTINGHAM
Trenowth Pension Fund and the St Aubyn Family, advised by international real estate advisor Savills, has sold the freehold of Radford Mills on Ilkeston Road, Nottingham to Mabec Property for £1.78 million.
Set across 1.5 acres (0.6 hectares) of land, the former textile mill comprises a substantial building totalling 82,913 sq ft (7,703 sq m) that subject to consent would be suitable for conversion to student housing or other alternative uses. The site also includes six industrial units ranging from 839 sq ft (78 sq m) to 2,530 (235 sq m), which are currently let to several automotive businesses, generating an annual rental income of £40,000.
Victor Ktori, head of office at Savills Nottingham, comments: "Situated just outside of Nottingham city centre in-between two of the main university campuses, Radford Mills would make an ideal student accommodation location. This was an excellent opportunity to acquire a significant development site that is also income producing and we are pleased to have achieved a strong price on behalf of our client."
[Savills Press Release, 9 November 2015]