The Conygar Investment Company has revealed further plans for Nottingham’s Island Quarter with a “potentially destination defining, events and performance venue” on the cards.
“To further support the placemaking strategy for The Island Quarter,” Conygar said that it is advancing discussions with a national operator for the possible use of the site’s existing heritage warehouses as an events and performance venue. It hopes to be in a position to confirm arrangements later this year.
It comes as construction progresses on a 693-bed student accommodation development at The Island Quarter, planned for completion in the summer of 2024, while detailed planning permission has been secured for two hotels, 247 build to rent apartments and 30,000 square feet of co-working space and, subject to documenting the section 106 agreement, a 249,000 square foot bioscience building.
More recently, Conygar says it has held “constructive discussions” with Nottingham City Council to agree in principle the parameters for a sitewide masterplan that will guide and support the future planning applications at The Island Quarter.
“This has resulted in a scheme which, subject to the granting of detailed consent and local demand, will enable the overall size of the development to increase up to approximately 3.5 million square feet,” the company says.
Elsewhere, the restaurant and events venue at 1 The Island Quarter has now been operational for just over six months, with the Cleaver and Wake restaurant recently promoted by The Times newspaper as being in its top 30 new waterside restaurants.
1 The Island Quarter – which had a delayed opening in a challenging economic environment and has operated to date only during the seasonally quieter winter months, with pressure on disposable incomes – has achieved solid revenues in line with projections, of £1.65 million.
However, the delayed completion of the development, due to various material and contracting issues, resulted in the events operation being unable to take advantage of the late summer and Christmas trade. This delay, when compounded by the phased opening, intentional overstaffing as operations were fully tested and margins being squeezed as a result of continuing inflationary pressures have resulted in an initial gross loss for the period, before administrative costs, of £0.1 million.
