New Albion Place is a development by Peveril Securities and Sladen Estates in joint venture – the team behind the new HM Revenue & Customers (HMRC) headquarters in Nottingham.
Bowmer & Kirkland is their chosen contractor.
They hope to transform two acres of land flanked by Canal Street, Collin Street and Greyfriar Gate into office space.
Ralph Jones, managing director of Peveril Securities, said: “We are in early discussions with a variety of occupiers for more than 250,000 square feet of space and are very excited to bring forward this development. For many years Nottingham has needed a dedicated central business district to provide much-needed large floor plate Grade A office buildings to retain key employers within the city and stimulate inward investment.
“We believe that this development will complement the proposed open spaces being considered at Broadmarsh and through the renovation of Hanson House and Richmond House, will retain some of the original heritage of the area. It will add to the ongoing transformation on the Carrington Street link between the station and central Nottingham, which has included the recent refurbishment of the City Buildings, the construction of the new library and car park complex, and the ongoing public realm work on Collin Street.”
The developers have acquired the freehold and long leasehold interests in a large proportion of the site, including the old Midland Scooter Centre, Chinese supermarket, Albion House and open car parking.
They are aiming to submit a detailed planning application in the autumn, with a view to starting construction work in 2022. Construction is expected to take 24 months.
It is anticipated that the 37,167 sqm (400,000 sq ft) office space will have a completed investment value of around £200m.
Nick Sladen of Sladen Estates said: “This scheme is a great opportunity for Nottingham to reinvent itself following the pandemic and take advantage of the transformation of the Broadmarsh area – not just for green space and leisure areas, but for much-needed office development that will provide real sustainable growth and inward investment.
“Nottingham has an opportunity to totally redefine its city centre. As a locally based national developer, we are committed to helping the city make this work and our willingness to make such a significant investment in the city will kick start the wider regeneration proposals planned by the city.
“We have a proven track record throughout the UK and locally, with Unity Square – a building on former derelict land which has secured thousands of jobs for the city – and has put Nottingham on the map as a major employment city.”
However, the city council was keen to stress that this was all speculative. A council spokesperson said: “This is a proposal unilaterally put forward by a developer for land south of Collin Street that is not part of the former Broadmarsh shopping centre. No planning application has been submitted or considered in relation to the proposed development, which is on land partly owned by the developer and partly by the city council.
“Any proposed scheme on this land will be considered as part of the wider vision for the area, particularly focusing on the former Broadmarsh shopping centre footprint, which is currently being developed by the Greater Broad Marsh Advisory Group, an independent panel of local and national advisors established by the council.”