Fund managers buy a prime slice of the city centre.

(From Nottingham Evening Post)

That is the amount that the big-hitting development company has banked after an investor bought part of the Cumberland Place development off Maid Marian Way.

ISIS, the fund managers of Friends Provident, shelled out in a deal agreed on Wilson Bowden's behalf by Ayles Heath Buchanan Neve and Fisher Hargreaves Proctor.

ISIS have taken the interest in building A at Cumberland Place, the part of the development that has recently been let to Nottingham Trent University.

NTU's law school has taken the five-storey building on a 15 year four-month lease with a tenant break clause at year 10. They have signed up to a rental of GBP421,926 per annum, which equates to GBP16 per square foot in a building of 23,331 sq ft.

ISIS was not the only investor chasing the building, with the sale process seeing bids put in by a variety of buyers.

Speaking after the deal was concluded, Simon Neve, of Ayles Heath Buchanan Neve, said: "The investment was very keenly contested, with bids being received from institutions, private investors and corporate pension funds.