BA Pension Fund acquires Chapel Quarter in Nottingham
Forsters has advised longstanding client, British Airways Pension Fund, in relation to the acquisition of Nottingham's landmark leisure and office complex, the Chapel Quarter. In one of the largest recent commercial property transactions in the city, the 145,000 sq ft complex was acquired for a purchase price in the region of £25 million.
Located in a prominent city centre location, the property comprises a hotel, offices and a range of restaurants and bars, including ASK Italian, Las Iguanas and Fat Cat Café Bar.
Following on from the acquisition, Forsters has also advised BA Pension Fund in relation to the letting of the 120 room hotel to the UK's largest hotel brand, Premier Inn. The hotel will undergo a £3 million refurbishment prior to re-opening, which is anticipated for early August 2015.
Commercial Real Estate partner, Magnus Hassett led on the acquisition and letting arrangements, assisted by James Noble and Katherine Ekers. Head of Construction, Sarah Cook, assisted by Alastair Robertson, advised on construction matters.