A property company has been snapping up empty retail units in a once busy part of Nottingham in a bid to bring new life back to the area.
ALB Group has bought 11 properties in Bridlesmith Gate and a further three units in nearby Lister Gate, including a former Shoe Zone store.
Nottingham born Arran Bailey, managing director of ALB, said he wants to kick-started a resurgence in the area by buying shops that are home to businesses such as designer fashion store 18Montrose, Fred Perry, and Coco Tang café and cocktail bar.
He said he would like to see traditionally high rents come down and leases shortened to make the units more affordable and sustainable for small businesses.
Mr Bailey said: “We want to make this area cool again – bring a vibrancy back that Nottingham was once known for.
“We want to see this part of Nottingham get a buzz like we’ve seen in areas like Hockley.
“With the neighbouring Broadmarsh regeneration core to this end of the city centre, we want to also encourage independent retailers, restaurants, bars and coffee shops to get on board and embrace our vision for a reawakened café culture and thriving retail district.”
ALB is teaming up with Nottingham-based Box Property Consultants to try and bring in a new generation of independent retailers and coffee shops to help make this area a bit like London's Carnaby Street.
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Ben Tebbutt, director of Box Property Consultants, said: “Arran’s approach is hugely refreshing.
“He is brave, but he also has real vision - and he has an immense passion for our city.
“It’s true that there are a lot of empty units in this area of Nottingham, but on the back of these empty units comes opportunity.
“As a collective we could create something special on Bridlesmith Gate to help bring the street back to its former glory.
“This is a great opportunity for new, independent operators to acquire premises with affordable rents.
Box co-director Frankie Labbate said: “Sneakrverse who occupy one of the units on flexible terms are a great example of how new retail talent can shine in a once out-of-reach location.
“It’s these type of new and on trend operators that customers want to see and spent their money with.”
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The team are looking forward to working closely with Nottingham City Council and the Nottingham Business Improvement District (BID) programme, who they said also share the vision for improvement.
The ALB Group was advised by Phil Daniels at FHP on the purchase.
He said: “I am pleased to have been able to advise and work with ALB on the acquisition of two substantial blocks of commercial property on Bridlesmith Gate.
“ALB are actively seeking further blocks in Nottingham City Centre which I am actively assisting on their behalf.”
Rebecca Toates, partner at Browne Jacobson who also helps ALB with the acquisitions, said: “We are delighted to have assisted ALB Group in acquiring this important part of Nottingham’s retail landscape.
“We know that they are really invested in supporting and regenerating the high street and this purchase sets out their strong commitment to local Nottingham businesses which we fully support.”
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