The developers behind one of the East Midlands’ most significant developments in more than a decade have bought a number of other key buildings in the city – with a potential end value of £150 million.
Peveril Securities and Sladen Estates have acquired sites in the heart of the city’s Southside redevelopment area.
The same team is behind the landmark 10 storey Unity Square scheme going up opposite Nottingham station, which will become HMRC’s new regional centre with up to 4,000 people based there.
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The newly acquired sites include Albion House in Greyfriar Gate, and Hanson House and Midland Scooter Centre in Collin Street, and could play an important role in the ongoing redevelopment of this area.
Peveril Securities managing director Ralph Jones said once developed, the sites could accommodate 300,000 sq ft of prime office space with an end value of £150 million – bringing much-needed employment space into that part of the city centre.
He said: “We are delighted to complete this strategic purchase of these sites with Sladen Estates which, combined with our control of Ocean Nightclub, will allow us to play a major part in the redevelopment of this area, building upon our recent successes in Nottingham city centre with our 275,000 sq ft pre let at Unity Square to HMRC.
“The sites are suitable for a range of uses and could include a mix of office and residential space that will be complementary to the neighbouring uses currently under development.
“Despite the current challenges facing the country, we have been encouraged by Nottingham’s resilience and believe the site is ideally placed to continue the growth the city had been experiencing prior to COVID-19.”
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Discussions are already underway with Nottingham City Council to determine a suitable use for the site, with consideration also given to any future plans for the redevelopment of intu Broadmarsh following its transfer to council control in recent weeks.
Sladen Estates chief executive Nick Sladen said: “Sladen and Peveril have an intimate knowledge of the local market and national development and contracting expertise so we jointly have the scale, expertise and resources to make the most of the opportunity that our latest purchase presents.”
The partnership recently announced the acquisition of 34 acres of development land in Bicester, Oxfordshire to develop a £350m office park.
Based in the East Midlands, and headquartered in Derbyshire, Sladen Estates and Peveril Securities have delivered a number of large-scale developments across the country.
Over the last 16 years, they have jointly completed projects worth more than £500 million in sectors including office, industrial, leisure and student accommodation.