IMAGES of an ambitious new development of grade A office space by the former Broadmarsh shopping centre in Nottingham have been revealed for the first time.
The development, called New Albion Place, is a joint venture between Peveril Securities and Sladen Estates – the team behind the successful delivery of the new HMRC headquarters in Nottingham – and will be built by Derbyshire-based Bowmer + Kirkland.
They plan to transform two acres of land flanked by Canal Street, Collin Street and Greyfriar Gate into top quality office space. The plans will kick-start regeneration in this important part of the city, which is an area currently very much in the spotlight – and a cornerstone of Nottingham’s transformation.
Ralph Jones, managing director of Peveril Securities, said: “We are in early discussions with a variety of occupiers for more than 250,000 square feet 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 floor plate ‘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 on 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.”
The developers have acquired the freehold and long leasehold interests in a large proportion of the site, including the old Midland Scooter Centre, Chinese supermarket, Albion House and open car parking.
It is anticipated that the 37,167m² (400,000ft²) office space will create up to 5,000 new jobs with a completed investment value of circa £200 million.
Sladen and Peveril are in conversations with Nottingham City Council about New Albion Place – which will boost the local economy and help a city in post-COVID recovery.
Nick Sladen of Sladen Estates said: “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 developers are aiming to submit a detailed planning application in the autumn, with a view to commencing construction work in 2022. Construction is expected to take 24 months.
The appointed letting agent and development adviser for the scheme is FHP Property Consultants.
John Proctor of FHP said: “In order for Nottingham to retain its status as the regional capital of the East Midlands, it needs offices of a scale and nature that one finds in other major centres within the UK.
“We are privileged to have national developers of the size and stature of Peveril and Sladen, which are locally-based and capable of delivering a scheme of national importance. Their initial speculative intervention and purchase of the former car park and redundant buildings opposite to Nottingham Station led to the successful delivery of the first phase of Unity Square, which will soon be occupied by HMRC.
“For Nottingham to achieve its aspirations as a core city of regional significance we need schemes of this size and stature to both retain our existing employers and attract inward investment. The central business district on the south side of the city has now been more than ten years in the making and finally one can see, thanks to Peveril Securities and Sladen Estates, that this objective can now be realised.”