Residential plans scrapped for Pearl Assurance House

A new plan to develop 36 apartments right in one of Nottingham city centre’s landmark buildings has been put on the back-burner after a raft of its tenants signed new leases.

Last month (February) AEW UK REIT of Birmingham submitted a planning application to turn Pearl Assurance House from offices into 36 flats.

However, that plan has not been put on hold after Mark Tomlinson from FHP brokered a deal with two office tenants of Pearl Assurance House, who have committed their futures to the building by taking new leases.

Ashton Bond Gigg Solicitors, a law firm which has occupied the premises for a number of years and The Press Association have both signed five-year leases on the building.

Mark Tomlinson of FHP Property Consultants who acted on behalf of the landlord said: “We are delighted that Ashton Bond Gigg and The Press Association have committed their futures to Pearl House to retain the excellent profile of office tenants within the building. This is an excellent office location benefitting from a plethora of amenities in the immediate area. Furthermore, with office supply diminishing, this is one of the best office buildings in the city core.

“We are also speaking to new office occupiers regarding some 13,000 sq ft first floor floorplate and new tenants regarding the second floor which we have two proposals out on for office Tenants. Such is the lack of supply in the city centre now rental levels are improving for Landlords, hopefully we can stand our ground in the office market as terms improve.”