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City centre offices with planning for apartments for sale for £36m

A landmark building complex in Nottingham city centre, with planning to convert to flats, is on the market with a price tag of £36 million-plus.

The Castle Meadows site is being sold through Metis Real Estate and Savills on behalf of Mapeley Steps and Malabar Investment Holdings.

It is currently home to HMRC – which is moving to a new base in Queensbridge Road next year – and law firm Browne Jacobson.

The 9.24 acre site takes up a significant chunk of the city and is made up of three and four-storey buildings.

Five of the six office buildings on the site have planning consent to be turned into 332 apartments.

The development – designed by architect Sir Michael Hopkins – totals around 350,000 sq ft with 347 surface car parking spaces.

The news comes after HMRC signed a 25-year lease on a new HQ at Unity Square, which is nearing completion. Its lease on the current building will end in October 2022.

The huge campus of six office buildings has been described as having significant development potential and will generate “significant attention”, according to the marketing agent for the site.

Victor Ktori, head of office at Savills in Nottingham, said: “This is an exceptionally rare chance to acquire a strategically located self-contained freehold landmark campus in the heart of Nottingham city centre.

“Nottingham is one of England’s core cities and is the principal commercial, and administrative centre for the region.

“It has a strong talent pool originating from two of the UK’s leading Universities and continues to attract international corporations as a HQ location.

“The city has also benefited from recent infrastructure projects which has enhanced Nottingham’s position as the largest and most economically important city in the East Midlands region, making this a truly exciting opportunity which will generate significant attention from a global pool of capital.”

Savills says development of the site could include offices or alternative uses such as residential, hotel, student accommodation, educational and medical, subject to planning permission.

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