Hockley “makes sense for investors”, says new agency
Hockley and the Lace Market have been hailed as the “most thriving parts of Nottingham” by the team behind a new property consultancy.
Ben Tebbutt and Frankie Labbate, who have teamed up to form Box Property, say they are convinced that the “cultural and creative renaissance” of Hockley and the Lace Market has opened up opportunities to bring in a new breed of shops, cafes and restaurants that have been gaining ground in other major cities.
“It will always be a hard-headed commercial market, but the days when retailers rolled out chains across the UK on the basis of a few numbers are over,” Tebbutt explained.
“The online era has punched a hole in some of the traditional footfall and square footage assumptions, and brands want to deliver authentic experiences in genuine environments. That’s a much more nuanced judgement.”
While many chains now adopt an omni-channel approach, selling online and in traditional retail stores, the pair say a new generation of emerging retail and leisure businesses want to deliver personal experiences through original concepts which work best in fashionable, heritage locations.
“This is why Hockley makes so much sense for them,” Tebbutt explained. “It’s one of the most thriving parts of Nottingham and a contrast to some of the more traditional locations, which have struggled.”
So far, these new retail and leisure experiences include the likes of Universal Works, the contemporary menswear business based inside the iconic Rough Trade store, the Ugly Bread craft bakery and deli café, and the pizza bar and restaurant Suede.
“This transformation hasn’t happened overnight,” said Tebbutt. “It’s the result of the city taking a long, hard look at an historic quarter of Nottingham, understanding that people value authentic cultural experiences, and investing in making that experience more visible and accessible.
“The city has invested in reducing or removing traffic, improving the public realm, and making the cultural experience more prominent through initiatives like the Creative Quarter.
“What that’s translated into is an eclectic mix of shops, venues and destinations, a place where you can sit out, sit in and enjoy fresh and intriguing retail and leisure experiences.”
For Box Property, it has also translated into interest from retail and leisure operators who have already enjoyed success in destinations like Manchester’s Northern Quarter, Stokes Croft in Bristol and Bold Street in Liverpool.
“They have come to Nottingham, wandered into Hockley, and felt a similar kind of cultural vibe,” said Labbate. “That makes them feel confident that there are going to be curious, affluent customers who have an appetite for what they’re offering.”
Labbate says the numbers still have to stack up for these emerging ventures, and he points to the 24/7 nature of Hockley, with thriving creative and professional businesses – many of them digital-centric – alongside flats and apartments inhabited by singles and couples looking for a stimulating city lifestyle.
He added: “You’ve got an area bordered by the Broadway Cinema at one end and the Nottingham Contemporary at the other and they have come to represent cultural gateways to a really special area of the city. There’s also the Motorpoint Arena, which brings in substantial numbers of visitors, and the regenerated Sneinton Market, which we believe will flourish in the years ahead.
“We know there are now people from Manchester and London looking seriously at Hockley as the right kind of destination for them. Just like us, they want an intelligent and creative solution and we’re convinced more of them will follow.”
