Nottingham could see a wave of new coworking spaces roll out, following a £5million-plus investment in the city’s creative quarter by real estate firm, Perrymead Estates – beginning with the launch of its flagship Stoney Street Studios.
Perrymead has pivoted its offering to better support East Midlands businesses in a post-COVID climate. Its new Stoney Street Studios venture, in the heart of the Lace Market, launches as the Government shifts from its work-from-home mandate to allow a return to the office from 19 July 2021.
The ‘Freedom Day’ lifting of restrictions could help boost business prospects, after the East Midlands was named among eight UK regions reporting a drop in confidence based on the latest Business Barometer from Lloyds Bank Commercial Banking. It puts the region’s confidence at 31% in June 2021, down from 40% in May.
Perrymead Estates already has a multi-million property portfolio, which includes the Lace Market’s Garage Studios office complex. But it took the late decision to scrap its original plans for its Grade II listed development on Stoney Street, to reflect the tough decisions being faced by companies grappling with the impact of COVID-19.
Oliver Wheatcroft, Managing Director at Perrymead Estates, explains: “We were originally planning a traditional office space for Stoney Street Studios that would be available for long-term private lease. But in late 2019 we were observing the trend towards flexible working in London and other European cities. The pandemic has accelerated interest in a remote working culture, so we felt compelled to trial a new model that includes providing meeting rooms in Nottingham on flexible contracts.
“Following PM Boris Johnson’s announcement that people can return to the workplace, there is a need to support companies who can’t afford to commit to long term contracts, or who simply want to adopt a different way of working for the future.”
The first premises to open its doors will be Stoney Street Studios, which has been three years in development and involved a £2.5 million renovation spend.
A further project planned for the Creative Quarter will launch a destination business club office space in Nottingham, featuring a restaurant, bar, and accommodation, in a projected investment of £3.4 million.
Those plans will take shape incorporating feedback from Stoney Street Studios, which has already secured a number of tenants from the city’s burgeoning creative sector.
Dating from 1845, the Stoney Street building blends original features with modern design. Purchased in 2016, Perrymead Estates has undertaken its own construction, predominantly using local personnel and suppliers.
Oliver adds: “As a Nottingham company investing in Nottingham estate, it’s important to us to utilise local trade. For example, we enlisted specialist joinery firm, FA North, which supplied 164 double glazed sash windows. These had to adhere to both environmental health requirements for thermal and acoustic efficiency and the Conservation Department standards. The attention to detail for this development is significant.”
The launch of the coworking space in Nottingham is long-awaited, having faced delays due to the pandemic. It offers:
- High speed internet (1GB)
- High specification fit-out with bespoke kitchen and coffee bar
- Hardwood furniture
- LED lighting
- Smart access control
- CCTV security and on-site management
- Private lockers and shower facilities
- Audio and visual facilities
To ensure it is COVID-safe, the facility features hand sanitiser stations and will benefit from frequent deep cleaning.
Stoney Street Studios is the third project in the Lace Market by Perrymead Estates, since 2015.