MIPIM: The Peel Group and Nottingham city council have agreed a deal in principle that could unlock the first phase of the long-awaited Unity Square development in Nottingham city centre.
The duo is in detailed talks on a plan for Nottingham council to prelet half of the proposed 50,000 sq ft BREEAM Excellent office element in the initial phase of the mixed-use development. The first phase also comprises a 160-bedroom hotel and is located in the Southern Gateway regeneration area, opposite the newly refurbished Nottingham railway station.
Confirmation of the deal will follow due diligence, the finalising of heads of terms, and a successful GPF application. Both parties were confident these matters could be resolved quickly.
If the deal goes ahead, work would start on site in 2015.
Richard Mawdsley of the Peel Group said: “These are still early days but we are confident that outstanding matters can be put to bed very soon, and a start made on this very exciting grade A office development at this unique location, early next year.”
Councillor Jon Collins, leader of Nottingham council, added: “We have a need for some further quality office space near to our Loxley House headquarters, and it’s good to know that our action will help unlock other BREEAM Excellent offices in Nottingham, for which there is proven demand.”
Peel won outline consent to build 220,000 sq ft of offices and a 200-bedroom hotel at Unity Square – the former Sovereign House site – back in December 2009. The project has been stalled for a number of years owing to the economic downturn.
lisa.pilkington@estatesgazette.com
