Plans to transform a derelict site in Nottingham into 35 luxury studio apartments with three commercial units has been given the go ahead, subject to section 106 agreement and conditions, thanks to support from Knights 1759.
The professional services business which operates across the Midlands worked to acquire the well-known Alfreton Road site on behalf of Cosybox, a property development company with major plans to redevelop the fire-damaged site.
The site’s unkept two-storey buildings will be safely demolished to make room for the new development which will aesthetically improve one of the main routes into the city.
Dominic Rice, director at Cosybox, said: “Knights 1759’s expert planning and commercial property team have helped us to manage the negotiations for this challenging site which is very much in the public eye. The site has been neglected for a long time and is an exciting opportunity to transform an area of Nottingham which could really benefit from the planned improvements.”
Cosybox recently transformed a period building on The Ropewalk Nottingham into five long leasehold luxury apartments valued from £135,000 to £499,000 with spectacular views over The Park.
Dominic added: “Having already delivered Oxford Heights, another high-quality residential scheme in Nottingham, I’m confident the building will bring a greater choice of luxury homes for young professionals, mature students and city workers.”
Mr Gray from the Footman’s Rest, a restaurant opposite the site, is one of the local businesses which have been supportive of the plans. He said: “As a neighbouring business we fully support this development. This has been an awful nuisance site for far too long with squatters causing fires and anti-social behaviour, these plans will give a much-needed boost to the neighbourhood.”
Holly Smith, partner at Knights 1759 said that detailed engagement with Nottingham City Council had been key to the success of the planning application.
“This high-quality scheme will breathe new life into the disused area of Canning Circus which has been vacant for many years. The complexities of acquiring the site, and securing planning permission is the type of work that we regularly deliver at Knights 1759,” she said.
“In addition to the legalities and planning permission, Knights 1759 will support Cosybox to manage the lease contracts for residential and commercial tenants, or prepare the legal contracts to sell the scheme if our client chooses to bring the development to market.
“We’re proud to be working with Cosybox, an ambitious and growing property development firm which operates in Nottingham and London. Our network of six regional offices means that our clients benefit from professional expertise from across the UK from our property and planning teams.”
Knights 1759 operates from six regional offices in Derby, Chester, Cheltenham, Oxford, Newcastle-under-Lyme and Wilmslow.
Cosybox was established more than three years ago and operates mainly within London and Nottingham. The firm acquires and refurbishes residential properties to create luxury spaces to generate high returns for investors.
Timescales for the development on Alfreton Road are yet to be confirmed. Cavendish Residential is the company marketing properties on behalf of Cosybox developments. The architects for the scheme is D L Design Studio.