The Revolution Of Nottingham’s City Centre

The Revolution Of Nottingham’s City Centre

Following the recent success of Nottingham’s train station rejuvenation and the surrounding area of Sneinton Market, Dakeyne Street and BioCity Nottingham City Council has had a plan designed to offer a glimpse into the possible future of the city centre, if they manage to secure the £2bn investment development.

So far the investment has had a catalytic effect on driving further interest and investment into the area. The council hopes to encourage private developers to invest in local projects which could include a new Waterside neighbourhood and the development of offices and home spaces on the Boots Island site. The council officials are advertising all of the investment opportunities on an app which will be launched during this year’s MIPIM event in Cannes, France. MIPIM is the world’s largest property expo showcase event. But what could approval mean for Nottingham?

What Will Be Developed In Nottingham?

There are many sites which have been proposed to be developed and one of them is the Nottingham College building down Maid Marian Way, which is hoped to be transformed into 25 townhouses or 45 apartments. Crocus Mill next to the city’s train station has the potential to be renovated into 150 separate apartments too.

There are also many retail opportunities which have been highlighted for improvement as well as creation. HMRC announced plans to relocate to a purpose built Grade A office block in Unity Square and an expansion of the City Ground by Nottingham Forest.

The waterside is supposed to be developed into a neighbourhood with 1,000 new homes, a primary school, cafes and restaurants. In addition they plan to add new road networks, a new bridge across the Trent and a tram extension.

The completed project is estimated to be worth over £175 million. The recent announcement of the ‘game-changing’ investment in the new regional public sector hub at Unity Square will support 4,000 jobs in phase one alone. As you can see, the plans for Nottingham are as ambitious as they come.

What Could Happen At The MIPIM Event?

The MIPIM event provides the best platform for Nottingham City Council to collectively target specific individuals and companies who we could work with to really pull forward some of the potential development plans and schemes. This year, Team Nottingham is made up of sponsors from the city’s property and construction industry.

Joining them for the first time this year are Bentley Project management, GT3 Architects, Pulse Associates and CEG. Nottingham city council will also be part of the midlands UK Pavilion at the property fair, promoting its place in the heart of the UK economy and putting the spotlight on the Midlands. The team will also be organising networking events before, during and after the MIPIM event in order to achieve maximum impact.

How Will It Affect Nottingham’s Residents?

Any development will bring new jobs and homes into the local economy. What makes this bid special isn’t just the huge sum of money that will be put into the economy but the sheer number of possibilities that it provides for Nottingham city centre by pitching it to MIPIM showcase. In doing so the city council will be able to take the number of opportunities they have as a city and show it to potential private sector partners so they can build on the success of recent developments. There are also a lot of major investment opportunities on offer, with planning already been approved for the sites; most of which are for new apartments, student accommodation and houses.

Lorraine Baggs, the head of investment at Invest, said: “This is a pivotal time for Nottingham in terms of regeneration and development. Significant progress has already been made in delivering a new and improved Nottingham. The transformation of the Southern Gateway is picking up pace; plans for the redevelopment of Intu Broadmarsh , the car park and nearby Nottingham College City Hub are all progressing” at a steady pace with plans for further development in the pipeline.

Lorraine will also present the ambitious and inspiring Southside development programme, representing £2 billion of investment, which will offer unique prime real estate opportunities within the 0.5sq mile area in the heart of the city centre, enhancing Nottingham’s reputation as a first-class destination.

Like To Know More?

We hope you have found the above interesting and we await the news from MIPIM eagerly. Got an insurance requirement?, Coversure Nottingham are your friendly, expert, local brokers. We’ve been providing competitively priced, first class business, property and retail cover since 2004, and our reputation for excellence is still second to none today. Contact us today on 0115 837 5592, email nottingham@coversure.co.uk or click here for our contact details.

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