Two buildings together providing 62,022 m2 of office space are being built on a 1.14 hectare site in Queensbridge Road, opposite Nottingham train station, as is part of the city’s £250m Southern Gateway scheme.
The buildings – one of 10 storeys and the other 13 storeys – will be a regional government hub, occupied by civil servants. HM Revenue & Customs has entered into a 25-year lease on the development, which is being forward funded by Legal & General.
Sladen Estates and Peveril Securities are jointly developing the project.
HMRC estates director Steven Boyd said: “HMRC is delivering the largest property transformation programme in the UK and, when it is built, the Unity Square development will be one of our largest regional offices accommodating more than 4,000 HMRC colleagues. They will benefit from modern facilities and bright working environments, enabling them to work collaboratively with other teams to increase our effectiveness in collecting taxes.”
Derek Gilby, senior fund manager at LGIM Real Assets, said: “We are delighted to have broken ground on Unity Square today as part of the significant regeneration being delivered in the City of Nottingham. This latest project will have a meaningful impact, creating new local jobs and driving economic growth. This deal is the latest in a line of HMRC hubs which we have forward funded, matching our continued appetite for secure long income investments.”
Phase one, pictured below, is scheduled to finish in summer 2021.