Proposals to transform a site next to former intu shopping centre Broadmarsh into a £200m office development have been revealed.
The site, next to the Broadmarsh centre, which was placed under the control of the local council following the administration of intu in June last year, is to be transformed into New Albion Square, a 400,000 sq ft grade-A office development.
The scheme, a joint venture between Peveril Securities and Sladen Estates, which has bought the freehold to the site and long leasehold interests in the old Midland Scooter Centre, Chinese supermarket, Albion House and open car parking, will see two acres of land flanked by Canal Street, Collin Street and Greyfriar Gate transformed into office space.
Ralph Jones, managing director of Peveril Securities, said: “We are in early discussions with a variety of occupiers for more than 250,000 sq ft of space and are very excited to bring forward this development. For many years Nottingham has needed a dedicated central business district to provide much-needed large-floorplate, grade-A office buildings to retain key employers within the city and stimulate inward investment.
“We believe that this development will complement the proposed open spaces being considered at Broadmarsh and, through the renovation of Hanson House and Richmond House, will retain some of the original heritage of the area. It will add to the ongoing transformation of the Carrington Street link between the station and central Nottingham, which has included the recent refurbishment of the City Buildings, the construction of the new library and car park complex, and the ongoing public realm work on Collin Street.”
Nick Sladen of Sladen Estates added: “This scheme is a great opportunity for Nottingham to reinvent itself following the pandemic and take advantage of the transformation of the Broadmarsh area – not just for green space and leisure areas, but for much-needed office development that will provide real sustainable growth and inward investment. Nottingham has an opportunity to totally redefine its city centre.
“As a locally based national developer, we are committed to helping the city make this work and our willingness to make such a significant investment in the city will kick-start the wider regeneration proposals planned by the city.”
“We have a proven track record throughout the UK and locally, with Unity Square – a building on former derelict land which has secured thousands of jobs for the city – and has put Nottingham on the map as a major employment city.”
The jv plans to submit a detailed planning application for the scheme in the autumn, with a view to starting construction work in 2022. Construction is expected to take 24 months.
Last year, Nottingham Wildlife Trust outlined proposals to hand the Broadmarsh Centre back to nature, transforming it into a new park and reconnecting the city to Sherwood Forest.
FHP Property Consultants has been appointed letting agent and development adviser for Albion Square.
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