Plans Unveiled for £200m Business Quarter in Nottingham
Peveril Securities and Sladen Estates plan to transform two acres of land in Nottingham into top quality office space. The plans will kick-start regeneration in this important part of the city, an area currently very much in the spotlight, and will be known as New Albion Place.
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 £200m.
Peveril Securities managing director Ralph Jones 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.”
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. 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.