Prime Nottingham city centre site sold to Leeds developer

A prime Nottingham development site has been sold for £3.25m to a Leeds-based developer.

KMRE Group has bought the former Park Yacht Club site next to the River Crescent apartment scheme in a deal brokered by FHP Property Consultants, FHP Living and Savills.

David Hargreaves of FHP said: “The site has planning consent for a Franklin Ellis designed, 81 unit private apartment scheme in 3 blocks, all with direct views on to the river. KMRE Group were introduced to the site and advised on its acquisition by Richard Watson of Colliers’ Leeds office.”

Hargreaves added: “Nottingham is now very much on many developers’ “hit list”. This is due partly to the nervousness around the state of the London housing market and concerns of ‘overheating’ due to the significant increases in apartment supply in cities such as Manchester, Birmingham and Leeds.”

Ann Taylor of Savills said: “This is a really exciting scheme complimenting the surrounding activity and linking the developments along the River Trent.

“Between us we received a number of bids for the site, mainly from out of town developers and we are delighted that the sale to KMRE has now completed.”

Steve Parker of FHP Living, who has sold the first phase of the adjacent Trent Bridge Quays Development and a number of penthouses in River Crescent, said: “KMRE have been great to work with and have done what they said they would do. They have been very impressed with Nottingham as a whole and at MIPIM recently we were able to introduce them to a number of members of Team Nottingham including the leader of the Council and the chief executive which helped push the deal over the line.”

Kam Mogul, owner of KMRE Group, added: “KMRE are currently building a 87 unit apartment scheme in Leeds at Mabgate and a 111 apartment PRS scheme on Kirkstall Road in Leeds and look forward to bringing our skills and expertise to Nottingham – the Park Yacht Club is a wonderful site right on the River, and everyone loves to live by the water, so when you add in the site’s proximity to the city centre and West Bridgford we expect the site will sell really well.”

Andrew Inchbald of McCann Homes who sold the site said: “We have owned the site for a number of years and working with David Franklin of Franklin Ellis worked up a stunning apartment scheme which now has Planning Consent and is immediately deliverable. We have been working with David Hargreaves and Steve Parker throughout this time and more recently Ann Taylor of Savills, and we are delighted with the final outcome.”