Nottingham’s biggest office letting of 2005 was completed this week, writes Ian Halstead.
Reuters has chosen Royal London Asset Management’s Chapel Quarter mixed-use scheme for its 25,000 sq ft requirement.
The electronic information and media group signed a 10-year lease at around the quoting rent of £17 per sq ft.
Its software division already has an office in nearby Maid Marian Way but needs to relocate to expand.
CBRE’s Birmingham office, which acted for Reuters, drew up a shortlist of central and out-of-town options, including Miller Birch’s 1m sq ft office-led ng2 on Queens Drive.
Chapel Quarter, which has 45,000 sq ft of offices, a 120-bedroom hotel and bars and restaurants, is the only grade A space available in the city centre.
James Hall, associate director at DTZ, which advised Royal London with Lambert Smith Hampton, said: “The letting ensures that the company stays in the city centre.”
In October, DTZ’s regional offices survey identified Nottingham as the UK’s cheapest location for prime office space.
References: EGi News 12/12/05
