A luxury apartment block which was used by former England manager Sven-Goran Eriksson during his time with Notts County has been sold.
River Crescent, which was owned by Crowngold Estates, is a 129-unit residential building on the banks of the River Trent in Nottingham and boasts one, two, three, four and five-bedroom properties.
The deal for the building was sealed by property consultancy Allsop and real estate firm Savills. The identity of the buyer has not been revealed although it is understood the asking price for the development was more than £22 million.
Benjamin Cowen, of Crowngold Estates, said: “River Crescent is without a doubt the best residential building within a 100-mile radius, with hi-spec spacious apartments and excellent facilities which completed at the start of the financial crisis in 2008.
"Following our purchase in 2014 we were able to ensure that the building remained fully let, completed the fit out of and sold the penthouses, as well as a number of apartments in the block.”
Nottingham business news
In total, 38 of the flats have been sold on long leases and the remaining 91 apartments are let on assured shorthold tenancies.
As well as the apartments, the seven-storey development also includes a member's fitness suite, residents lounge, swimming pool and conference suite. The investment generates an income in the region of £1.4 million per annum.
Sven Goran Eriksson was once counted among its residents while he was director of football at Notts County in 2009.
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William Shoebotham, partner at Allsop, said: "River Crescent offered an excellent investment opportunity, boasting a strong history of occupancy, no voids and good income.
"The development is also ideally located in a thriving city in a sought-after location offering buyers with the potential to either hold as an investment or break up.
"We are increasingly seeing significant demand for assets like River Crescent, that offer investors the flexibility to adapt to changing market conditions in an uncertain political climate."
Michael Donaghy, associate director at Savills, added: “The sale of River Crescent demonstrated the weight of demand from well capitalised investors in a market starved of good quality, residential investment opportunities at scale.”