Boots has put one of the largest regeneration opportunities in the East Midlands up for sale.
Innes England has been appointed to sell the first 90-acre chunk of the pharmacy group’s historic 279-acre Boots UK site in Beeston, Nottingham.
The site has the potential for a major mixed-used development, with 30 acres earmarked for residential use and 60 acres for commercial use, where a “health and wellbeing cluster” is planned.
It is part of the Nottingham Enterprise Zone and has consent for 900,000 sq ft of commercial space and 675 homes.
The average house price in Nottingham was £156,773 in 2014, according to Rightmove, suggesting that the residential element alone could have a gross development value in excess of £105m.
No guide price has been set for the site and while Boots is seeking an outright sale, not a joint venture, it “wants to have involvement in the design principles going forward,” according to Innes England managing director Tim Garratt.
“The enterprise zone will help shape the future of Nottingham’s growth and regeneration,” he said.
“This is all about clustering. It is a rare opportunity as the land sales will be free of developer ties,” he added.
Boots bought the site in 1927 and it was the company’s headquarters until 2009 when its new owner, KKR and Italian entrepreneur Stefano Pessina, moved it to the Swiss tax-haven canton of Zug.
However, the company retains a large presence at the 279-acre site and it is keen to help facilitate the wider development of the Nottingham Enterprise Zone.
Mark Chivers, EZ director at Boots, said: “This appointment is an important step forward as we begin to look at marketing the massive opportunities available in the enterprise zone.
“Innes England will assist us in creating a centre of gravity for health and wellbeing businesses.”
Work is due to start on the new road connecting Thane Road with Humber Road South in the spring and land will be available from Q3 2016.
lisa.pilkington@estatesgazette.com
