Properties around Lister Gate including a former WH Smith building have struggled to secure tenants due to the pandemic and the demise of the Broadmarsh shopping centre.
Nottingham City Council is due to discuss some of the problems facing the Bridge Estate on Monday, December 20 – a charity of which the council is the sole trustee.
The Bridge Estate was set up to maintain Trent Bridge and has a portfolio of around 100 properties across the city which it lets out to meet its charitable objectives.
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The annual surplus from this income is split between a maintenance fund for the bridge and a payment to the council for the benefit of residents – historically around £1.5m a year.
But there is a current shortfall which relates mainly to retail properties on Lister Gate.
Bridge Estate has “significant debt” in relation to the Lister Gate properties, outstanding debt at the end of March 2021 is £2.2m.
The actual debt repayment in 2021/22 is £0.2m, if sufficient receipts are not secured during 2021/22 it reduces the potential grant payable to the council.
Properties include a ground floor retail unit under offer at 34 Lister Gate as well as premises marketed to let at 38 Lister Gate, which is the former WH Smith building, with the aim of securing a short-term letting.
Other properties include 24-30 Castle Gate. The premises remain on the market available ‘to let’.
For Governor’s House and Judges Retiring Rooms, High Pavement, terms for the lease have been agreed with a prospective tenant.
Also, the first, second and third floors at Century House (8 to 18 Chapel Bar). These premises are being marketed ‘to let’ as well.
Also to let are the former Eon Offices, Building 1, Woolsthorpe Close at Woolsthorpe Depot and the ground floor at 5 Castle Bridge Office Village, Lawrence Way.
A Nottingham City Council spokesman said: “The Bridge Estate is a charity set up to maintain Trent Bridge and benefit Nottingham citizens. The council is sole trustee of the charity, which has a portfolio of around 100 properties across the city which it lets out to meet its charitable objectives.
“The annual surplus from this income is split between a maintenance fund for the bridge and a payment to the council for the benefit of citizens – historically around £1.5m a year.
“The current shortfall relates mainly to retail properties on Lister Gate which have not yielded the expected income due to a combination of the pandemic, the rise of online shopping and the demise of intu.
“However, these form only a small part of a property portfolio of almost £30m and so the Estate has no problems repaying the debt; it simply means the surplus that’s normally returned to the council is reduced.”
Councillors will discuss the concerns at a Trusts and Charities Committee on Monday, December 20.
