Sunday 28 November 2021
-0.9 C
Nottingham

Plans for Grade A office space in Nottingham after council land sale

Nottingham City Council plans to offer for sale land at Crocus Place, near Arkwright Street.

In a decision published on 6 July, 2021 the council says it will declare Crocus Place, Arkwright Street, Nottingham as a site surplus to the trading account and make the freehold available for disposal.

The decision adds that disposal of the site will facilitate the development of a high-quality Grade A office building on a key city centre gateway site by a public sector partner.

The disposal will be at an under-value as defined by Section 123 of the Local Government Act 1972, but the sale will generate significant economic outputs, including construction employment, business development, training and education, spin-off conferencing outputs, a spin-off boost to the leisure economy and the generation of significant business rates income.

The disposal will generate a significant capital receipt for the 2020/21 financial year (originally forecast for 2021/22).

It says that the proposed end use will provide a number of benefits and fits within the existing business strategies of the Council and the Local Enterprise Partnership for Derby, Derbyshire, Nottingham and Nottinghamshire (D2N2).

The scheme will be a beacon and showcase for Nottingham’s growing knowledge-intensive services sector and will enhance Nottingham’s image as a SMART City.

It will improve access to specialist business support, including mentoring, coaching and counselling, workshops, and consultancy and business advice, alongside improving networking and engagement between knowledge-driven, innovation-led enterprises. The scheme will also enhance the image and vibrancy of Nottingham.

Crocus Place was an office development project proposed by NCC’s Property Services as part of the Investment Acquisition programme in 2016.

The development comprised a Grade A office comprising 125,000 square feet over 7 floors and was developed to RIBA Stage 4.

Planning consent was granted and the development ready to commence in late 2019. In early 2020, the project was put on hold by the Council and a Nottingham-based organisation approached the Council regarding purchasing the site with the intention of building out the consented scheme, and this decision now forms part of that proposal.