Investment News

An ‘iconic’ city centre building on a key route between Nottingham Railway Station and the city centre is to become offices after it was sold to developers.

Nottingham City Council has agreed to sell the “City Buildings” in 28-48 Carrington Street, to developers, Shoby Properties Ltd.

This 19th century block of shops, office space, studios and workshops – which used to be home to the Redmayne & Todd sports shop – was put on the market with an asking price of up to £4m.

Following a national marketing campaign the city council said it has accepted the bid from Shoby Properties Ltd, which now plans to restore the building to its “former glory” externally including all new shop fronts.

The financial details of the scheme have not released due what the city council described as “commercial considerations”, however, the local authority confirmed it had received what it expected for such “a highly regarded site”.

A city council spokesman said: “The sale of City Buildings comes at an exciting time for the south of the city centre. Both the redeveloped Nottingham Station and the public realm improvements along Station Street are complete and the former Job Centre premises, between Station Street and the canal, is being demolished for a new office development.

“The redevelopment of the wider Broadmarsh area is underway, with the replacement of the demolished car park and bus station, the shopping centre and the Nottingham College City Hub all due to start on site later in the year.

“Additionally, plans to redevelop the now cleared Unity Square site, just across the road from Nottingham Station, is still progressing and work has started on three new developments of residential apartments near the station.”

City Buildings houses a number of units across the upper floors, together with a number of retail units on the ground floor, including Caffé Nero on the Canal Street corner.

It is understood that the businesses based in the ground floor units will be unaffected by the sale.

Councillor Jon Collins, Leader of the City Council who represents St Ann’s Ward for Labour, said: “We have been very clear what we want and expect from this building and the bids we welcomed for City Buildings reflected our aspirations.

“Creating more office space in what will soon become a completely transformed area of Nottingham is an attractive prospect for the council and the potential buyers, and I am sure it will be for prospective tenants too, who will bring new job opportunities to the city.

“The regeneration of the south side of the city is a long process, but one that, once completed, will impress people from the moment they arrive in Nottingham.”

David Hargreaves, from commercial property agents FHP who acted for Shoby Properties, said: “Everyone knows the iconic ‘Redmayne & Todd building’ which is a stunning piece of architecture situated in a gateway location.

“The intention is to restore the building to its former glories externally including all new shop fronts and refurbish the internal areas and add lifts to create modern offices fit for today’s technology led businesses. Its location close to the station is perfect for any business that needs quick access to London, whilst staff will be able to get to work by train, tram or bus.”

David Shelton of Shoby said: “Working with CPMG Architects and Gleeds with guidance from FHP, we will provide some of the best offices in Nottingham. Up to 45,000 sq ft will be available as a whole or in floors of 10,000 sq ft, or indeed in part from 3,000 sq ft, in 12-15 months.

“We are long-term investors and look forward to holding this fantastic building, once fully refurbished and let, in the family property company for many years to come.”

End

17 April 2018