Property consultancy FHP announced at MIPIM last week that it has acquired the landmark City Buildings in Carrington Street from Nottingham City Council on behalf of clients.
David Hargreaves of FHP said: “City Buildings is an iconic building on the approach from the railway station to intu Broadmarsh Shopping Centre. It is often referred to as the Redmayne and Todd building after the Nottingham sportswear retailer which occupied the corner site in the eighties and nineties.
“The building has been bought by Shoby Investments Ltd and comprises shop units at ground floor including Cafè Nero, Subway and Ladbrokes with some 30,000 sq ft of predominantly vacant accommodation on the four upper floors.”
Nottingham City Council marketed the site in early 2018 and after going through a couple of ‘beauty parades’ an offer in excess of £4m was accepted from Shoby Investments.
Leader of Nottingham City Council Councillor Jon Collins said: “The council was very clear we wanted to see this building restored to its former glory and we wanted to see it used for commerce not residential or student accommodation and that is what FHP and Shoby Investments offered.”
David Shelton of Shoby Investments said: “We have bought a number of trophy buildings via FHP over the past couple of years and this could be the best of them all. It is a stunning building in a rapidly improving location – with the redevelopment of Intu Broadmarsh now underway, the new bus station and car park and the recent announcement of the pre-let of 260,000 sq ft of Unity Square to HMRC.
“FHP has advised there is a shortage of Grade A Offices in Nottingham and we will be starting work shortly on delivering some 40,000 sq ft on a speculative basis.”
Lucy Shelton of Shoby said: “Once complete, this building will be held as a long term income producing investment for the family for years to come.”
John Proctor of FHP, who will be marketing the offices, said: “We are delighted to have secured this fantastic building for clients who are a local Nottingham family company which is going to provide up to 30,000 sq ft of much needed speculative offices so close to the station.
“These offices should be complete and ready for occupation early 2020. The finish will be Grade A but will utilise the warm exposed brickwork, the large windows and excellent levels of natural light and steel columns throughout.”
David Shelton added: “FHP introduced the opportunity to us and presented our ideas to the council and negotiated the acquisition. They brought together a Nottingham based team to help deliver this project while the Nottingham office of Shakespeare Martineau acted for us on the legals.”