Southreef Developments Limited - Retail Development - Nottingham

Date: 29 Feb 2008

Southreef Developments Limited have unveiled exciting new plans for the second phase of their mixed use regeneration of Canal Street in the heart of Nottingham City Centre.

The developer who is currently on site with the largest City Centre regeneration scheme within the City has submitted a detailed planning application for an 80,000 ft² office scheme which is designed such that it can be occupied as a single headquarters building or alternatively be occupied on a multi-let basis.

The developer's proposals compliment their existing Phase I where they are currently on track to complete 237 residential units and 54,000 ft² of waterside offices in the Summer of 2009.

Charles Fish, Development Director at Southreef, confirming:

"Nottingham has outgrown the traditional City core, as a consequence Westfield are planning to double the size of the Broadmarsh Shopping Centre, planning consent has been obtained to regenerate the Eastside and developments within the Southside Regeneration Area are fast gathering pace.

The water frontage and the positioning of our scheme connects the traditional City Centre with the new emerging areas sitting in a highly strategic accessible location adjacent to the railway station and the City Centre terminus of the NET.

The location is already recognised as a prime office location demonstrated by the success of Waterfront House and Waterfront Plaza and of course the European Headquarters of Capital One.

Our first phase has a residential bias with the commercial space being aimed principally at the indigenous market offering individual buildings up to 17,000 ft² in size.

Whilst designed such that it can subdivide into small individual suites we are of the view that our second phase should attract the larger occupier with our target sector of the market being the size range 20-80,000 ft²."

Southreef have been in consultation with the City of Nottingham in the evolution of the plans and it hoped that planning consent by early Summer with the intention that they will aim to start on site at the beginning of 2009 and to enable the scheme to be completed for the Summer of 2010.

Southreef have appointed the Nottingham offices of Fisher Hargreaves Proctor and Innes England to jointly market the site and it is understood that the agents have targeted a number of high profile companies who have feasibility studies ongoing to relocate within the City.

John Proctor at FHP confirmed:

"The central core of Nottingham has been under pressure by the City's continual growth over the past decade - at last a number of good quality sites are being released which will enable the expansion of the City Centre to occur.

This is the logical position for the extension to occur with the site being in close proximity to the existing and planned improvement to both public transport and the retail centre.

The master planning of the Nottingham Railway Station is moving forward, there are proposals for the second and third phases of the NET to be implemented and Westfield will more than double the size of the Broadmarsh Shopping Centre.

These schemes are needed to ensure that Nottingham maintains its mantle as the regional capital of the East Midlands - Derby is seeing continued transformation with Westfield Shopping Centre's redevelopment of the Eagle Centre now completed and a number of high profile office schemes within the Centre now moving forward.

In Leicester there is a similar tale with the Shire's redevelopment ongoing more than doubling the size of the Centre.

Proposals such as these are of equal importance as they provide the space and infrastructure that is necessary to ensure that the major companies locate their East Midlands headquarters within the City."

It is understood that the building could potentially accommodate anything up to 750 people and is likely to have a completed value of more than £20 million.

More detailed information of the scheme is available by contacting John Proctor at FHP or Chris Sinclair at Innes England's Nottingham office.