Office News

Clients of BMO Real Estate Partners (BMO REP) reveal the proposed images for the remodelling of 1 Royal Standard Place and confirm that Contractors have now been appointed to deliver this new 28,000ft² Grade A office scheme in August 2017.

1 Royal Standard Place has, since 1996, been the home to Eversheds Solicitors and formed one of the first phases of development which transformed the former Nottingham General Hospital into The Arena, one of Nottingham’s most prestigious mixed use schemes adjacent to Nottingham Castle.

BMO REP act for the current owners and have confirmed that following the relocation of Eversheds to new offices within Nottingham that they will be undertaking a prestigious new refurbishment costing in excess of £2 million to provide a 28,000ft² self contained Grade A office building which is to be marketed both as a headquarters building but is equally designed to subdivide to let on a floor by floor basis.

BMO REP have been at the forefront of refurbishing office buildings to a high standard within Nottingham, having successfully overseen the refurbishment of Park View House on The Ropewalk which is now occupied by Allied Irish Bank, Gateley Solicitors and Mazars Accountants and 37 Park Row which attracted Now Pensions’ location into Nottingham. Simon McIntosh at BMO REP confirmed:-

“The lack of speculative development within cities such as Nottingham provides an opportunity to refurbish good quality buildings and provide the equivalent space of a new build development and we have certainly seen in our previous refurbishments of Park View House and 37 Park Row that this strategy is welcomed by the market and has enabled us to look to drive rents back to levels which were previously being regularly achieved prior to the onset of the recession.

1 Royal Standard Place is larger and of a stature which enables us to lift the bar once again and the quality of the refurbishment will we believe be second to none for the City”.

John Proctor and James Keeton of the Nottingham offices of FHP and JLL respectively have been appointed to market the space and in a conversation with them James confirmed:-

“Nottingham’s standing as a regional and commercial centre is dependent upon the quality of offices that we can offer at any one particular time. 1 Royal Standard Place is, so far as we are aware, the largest single speculative office refurbishment which is planned for the City during 2017 and will provide much needed Grade A space within Nottingham’s market.

In a recent review of the market undertaken for our Clients we jointly established that there is approximately 65,000ft² of Grade A accommodation available within Central Nottingham at the present time, whereas demand for Central Nottingham should, we would hope, in 2017 exceed 200,000ft² and there is clearly an imbalance”.

John Proctor added:-

“It is frustrating at the current time – we are struggling to offer a good breadth of options to indigenous requirements which potentially endangers retention of existing office occupiers within the City and the lack of speculative development is putting us behind our regional competitors so we are delighted that BMO have bought into providing such a good quality product on a speculative basis”.

The building totals some 28,000ft² with each individual floor offering slightly over 9,000ft² of open plan offices.

Full information on the building is available by contacting John Proctor at FHP on 0115 841 1130 / johnp@fhp.co.uk or James Keeton at JLL on 0115 908 2123 / James.Keeton@eu.jll.com

ENDS

John Proctor

Tel: 0115 9507577

Email: johnp@fhp.co.uk

Date: 29^th January 2017