Planning permission has been granted for a 4,000 sq ft commercial scheme in a former Lloyds TSB building in Mapperley, Nottingham.
Hillcrest Properties is planning to build a restaurant and bar along with four apartments, four offices and a 1,000 sq ft shop unit, at 31 Plains Road.
The third-generation family property company, which is based in Nottingham, has valued the scheme at around £2.25 million. It said work is scheduled to start over the coming weeks and the units will be available to rent by the end of the year.
Landa Associates have been brought in as letting and managing agents, and has been instructed to find an operator for the new restaurant, as well as tenants for the first floor offices and ground floor retail space.
Sunny Landa FRICS, a director at Landa Associates who will be leading the marketing, said: “This scheme is yet to hit the market, but we are already being inundated with interest from major operators.
“Demand for these sorts of properties located in affluent areas is at an all-time high.
“This development will help satisfy that by bringing new high-quality space to this part of Nottingham.
“We are confident that the prestigious location coupled with the ambitious plans our client has for the development will stimulate economic growth and job creation.
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“On behalf of Hillcrest, I would like to thank the planning committee at Gedling Borough Council for granting permission for this fantastic new addition to Mapperley.”
Elliot Holloway is a quantity surveyor at property and construction surveyor EDGE, which is providing cost and project management services for the scheme.
He said: “We are proud to be a part of this development and I look forward to seeing the project complete.
“The plans are of the highest quality and the nature of the accommodation will be superb.”