East Midlands around the market

Agents pick the most significant deals (six months to the end of March) Price House, 37 Stoney Street, Nottingham  Type of deal: Letting Lessor: GW Price Lessee: Little Fish (UK) Size: 8,000 sq ft Terms: 10-year lease Chosen by: Jonathon Seddon, director, NG Chartered Surveyors This deal is the last and largest of a series of lettings recently completed in the Creative Quarter – Nottingham’s principal project for growth, enterprise and entrepreneurial spirit in the city centre. It shows that by putting in focused investment, branding an area and running a concerted marketing campaign, you can generate a positive energy that companies such as IT services specialist Little Fish – which has been based elsewhere in Nottingham – want to be part of. Price House is one of Nottingham’s traditional lace mills, converted to provide loft-style offices more than 30 years ago. The third floor and attic were not in the best of condition. Despite this, two companies competed for the space, even when other options at similar rental levels were available in the city centre – with less refurbishment work to do, more parking, and fewer stairs to climb. So a deal like this is a testament that something is working in the Creative Quarter. St George’s Tower, Leicester Type of deal: Letting Lessor: Infrastructure Investments Lessee: Hastings Insurance (also Study Group) Size: 30,000 sq ft with an option for a further 15,000 sq ft, plus 45,000 sq ft to Study Group Rent: Undisclosed Chosen by: Tim Garratt, managing director, Innes England My choice is the recent letting to Hastings Insurance at St George’s Tower, because it is proof of what has been achieved there. This was a building that divided local opinion. Unmistakably blue in colour, it also displayed a poster facing Leicester station – making the previous owner’s view of local politics known. It wasn’t complimentary. St George’s Tower has been a feature of the Leicester skyline for decades and was acquired last year by Infrastructure Investments. Work started immediately on toning down the colour and carrying out a high-quality fit-out. It was a brave move in a market thin on quality product. Also, shifting perceptions is a tough call and the proof is always in the pudding. I believe that proof came in the form of not one but two key lettings – most recently, the 30,000 sq ft let to Hastings Insurance and an earlier deal that saw 45,000 sq ft leased to Study Group. 62-66 High Street, Leicester Type of deal: Leasing Landlord: Private landlord Tenant: Lumbers (jeweller) Size: 16,000 sq ft Rent: £65,000 pa on a 20-year lease Chosen by: Martin Herbert, retail team, Space RPC I believe the main transaction to have an impact on the Leicester market has been the acquisition of 62-66 High Street for upmarket jeweller Lumbers, which will see it relocating from a secondary area to be closer to its core shopper – the John Lewis customer base and that of associated upmarket retailers. The retailer’s move from Market Street to High Street, where it will be almost adjacent to Highcross Shopping Centre, will see it more than treble its floorspace. Coming on the back of other lettings, among them Bill’s restaurant and beer-and-burger operator Meatcure, it further consolidates the activity that has taken place the area. I feel all of this will have a significant and positive impact on the High Street over the next 12 to 18 months. With several other food-and-beverage opportunities to come, such activity will effectively help it – and Highcross Street – to act as an extension of the Highcross Centre’s restaurant quarter. Boots to begin Beeston sale Pharmacy giant Boots appointed Innes England to sell the first 90-acre slice of its 279-acre site at Beeston, Nottingham. It has mixed-use consent. Joint agents for Fosse Park The Crown Estate chose JLL and Wilkinson Williams to act as joint agents on Fosse Park, the 560,000 sq ft Leicester retail park. Aldi to build distribution Hub Aldi unveiled plans for a new 600,000 sq ft distribution centre near Kegworth that would serve its branches in the Midlands. Derby Launches City plan Derby city council launched its 15-year city centre vision at this year’s MIPIM event, outlining plans for three key sites: Riverlights, the Assembly Rooms and Duckworth Square. Rolls-Royce to expand Sinfin? Rolls-Royce submitted plans to Derby city council for works at its Sinfin Road site, including the creation of a new campus. Spec boom for East Midlands Innes England’s Market Insite report at the start of 2015 highlighted increased speculative development in the East Midlands – showing it to be one of the strongest regional economies outside Greater London. Calverton challenges Housing The housing provisions idhttp://bit.ly/1DmYafOentified by three local authorities – Nottingham city, Broxstowe and Gedling borough councils – faced a high court challenge to their joint core strategy. Calverton parish council raised concerns about the number of new homes that would result in its village. EG gauges the trials and tribulations of the East Midlands property market Gross value added GVA 2012 GVA 2013 % change leicester £6.55m £6.87m 5% nottingham £8.77m £8.73m -1% derby £6.68m £7m 5% east midlands £86.47m £88.84m 3% uk £1.48m £1.53m 3%