Shoby Properties have acquired another landmark building in Nottingham city centre just days after acquiring a 15,000 sq ft serviced office building on Castle Boulevard.
Their latest acquisition is a 19th century block of shops, office space, studios and workshops, at 28-48 Carrington Street, known as City Buildings.
The agreed sale, refurbishment and improvement of the property is seen by the City Council as a key part of its efforts to facilitate the redevelopment the area.
Shoby Properties won the bidding amidst 11 competitive bids for the property and following detailed and careful analysis of the offers and proposed schemes, the City Council accepted the bid from the company, the details of which remain undisclosed.
City Buildings boasts extensive accommodation across three floors, together with a number of retail units on the ground floor, with Caffé Nero on the Canal Street corner. The new owners’ proposed investment in this important historic building will continue the heritage-led regeneration activity in this part of the city centre, including shop front improvements through the Carrington Street Heritage Lottery Funded Townscape Heritage scheme.
Councillor Jon Collins, Leader of the City Council, said: “We have been very clear what we want and expect from this building and the bids we welcomed for City Buildings reflected our aspirations. Creating more office space in what will soon become a completely transformed area of Nottingham is an attractive prospect for the council and the potential buyers, and I am sure it will be for prospective tenants too, who will bring new job opportunities to the city.
“The regeneration of the south side of the city is a long process, but one that, once completed, will impress people from the moment they arrive in Nottingham.”
David Hargreaves of Fhp who acted for Shoby Properties said: “Everyone knows the iconic ‘Redmayne & Todd building’ which is a stunning piece of architecture situated in a gateway location. My clients Shoby Properties Ltd have bought various ‘trophy buildings’ in Nottingham over the past year or so, but this building is probably the best of them all.
“The intention is to restore the building to its former glories externally including all new shop fronts and refurbish the internal areas and add lifts to create modern offices fit for today’s technology led businesses. Its location close to the station is perfect for any business that needs quick access to London, whilst staff will be able to get to work by train, tram or bus.
“The redevelopment of the Broadmarsh Centre and pedestrianisation of Collin Street and part of Carrington Street will see the area as a whole changing beyond recognition in the next two to three years – it will be a great place to base your business.”
David Shelton of Shoby said: “Working with CPMG Architects and Gleeds with guidance from Fhp, we will provide some of the best offices in Nottingham. Up to 45,000 sq ft will be available as a whole or in floors of 10,000 sq ft, or indeed in part from 3,000 sq ft, in 12-15 months.
“We are long-term investors and look forward to holding this fantastic building, once fully refurbished and let, in the family property company for many years to come.”