Avignon Completes Nottingham Repositioning & Disposal

Avignon effectively concluded its Asset Management strategy at 1-3 Thurland Street, Nottingham, by repositioning and subsequently disposing of the asset.

1-3 Thurland Street, Nottingham is the former Nottingham and Nottinghamshire Bank, built in 1879. It was subsequently converted into two retail units in 2004-2005 and in 2015 we acquired this asset on behalf of our client.

Following the relaxation of licensing restrictions in the City, we identified an opportunity to reposition this 15,977 sqft Grade-II listed former banking hall from retail to hospitality, securing a 25-year lease with one of the UK’s premier night-time operators. We successfully worked with Arc Inspiration to obtain a premises license and in addition secured listed building consents for this wonderful building.

Asset Manager, Charlie Averill commented:

“We are proud to have given this 142-year-old building a new lease of life as one of Nottingham’s leading venues.

Following this successful repositioning, it was great to finish the year with the sale of this unique building on behalf of our client. Many thanks to the Clifton Agency team and all those involved in ensuring a positive result.”

Gateley Legal Plc and Clifton Agency acted for Avignon on this transaction.