East Midlands-based developers Sladen Estates and Peveril Securities have purchased the flagship Unity Square site opposite Nottingham railway station, with the aim of driving forward its long-awaited development.
The development site was sold by Peel Land and Property Group for an undisclosed sum.
Unity Square, which sits at the heart of the city’s burgeoning regeneration zone, has planning permission to provide up to 460,000 sq ft of grade-A offices and a new hotel with complementary retail and leisure uses surrounding a new public square.
Nick Sladen of Sladen Estates said the deal was proof that the Nottingham economy was growing and that the lack of new office development in the city meant the time was right to proceed with the project.
“Nottingham has made a strong economic recovery, but the challenge it faces is that the downturn halted new development,” he said. “It left it with a shortage of grade-A office space. We know the demand for space is out there, but professional occupiers looking for room to grow in the right location are struggling to find suitable accommodation in the city.
“The area around the railway station has undergone some substantial long-term investment, with the transformation of the railway station into a transport interchange and the exciting plans from intu for the redevelopment of intu Broadmarsh. Unity Square will put occupiers in the perfect place to take advantage of these investments, which is why we are delighted that Peel is passing the baton to us to push on with the scheme.”
Demolition works are due to start on site shortly.
Richard Mawdsley, Peel’s development manager, said the firm is having to focus resources on its strategic land holdings.
Sladen Estates and Peveril Securities have jointly completed more than £300m of projects in the office, industrial, leisure and student accommodation sectors.
