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Tue December 11 2018

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Deal secured for B&K's Nottingham project

16 Nov Legal & General has agreed to forward fund the construction of Unity Square in Nottingham as HM Revenue & Customs’ (HMRC) latest regional hub.

CGI of Unity Square
CGI of Unity Square

The development is being undertaken by Peveril Securities and its joint venture partner Sladen Estates. They bought Unity Square from Peel Land & Property Group in 2015 for an undisclosed sum and demolished the derelict car park buildings last year.

Bowmer & Kirkland has been selected as main contractor and is expecting to start on site in early 2019.

HMRC has entered into a 25-year pre-let on the development for its Nottingham Regional Centre, which is the final of HMRC’s 13 regional centres to be announced.

The developers have submitted an application to Nottingham City Council to build 62,000 m2 of office space on Unity Square, opposite Nottingham train station. It is scheduled to open in summer 2021 and Phase 1 will accommodate around 4,000 full-time equivalent employees.

The scheme is set to advance Nottingham’s £250m Southern Gateway regeneration project. In three years’ time, the landscape around the train station will be transformed, the developers say, creating a business district surrounding the HMRC hub.

Peveril Securities managing director Ralph Jones said: “There is significant long-term investment in this area of the city. Nottingham train station was the catalyst and coming up is Intu Broadmarsh’s forthcoming [retail] redevelopment along with other significant schemes expected over the next couple of years. It is an exciting time for Nottingham with many significant schemes on the horizon and cranes expected on the Unity Square site in the next 12 months.”

MPU

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