Boots Island site bought by urban regeneration firm
Work on a key development site in Nottingham city centre that has laid derelict for years could start as early as next year after it was bought by an urban regeneration firm.
Lavignac Securities has exchanged contracts and agreed to buy the 38-acre ‘Boots Island’ site in the city’s Eastside near Nottingham Station. The controversial site is the subject of a possible Compulsory Purchase Order by the City Council, which grew increasingly frustrated with the previous owners for not progressing with a development despite securing planning permission in 2008 for almost 3m sq ft.
Earlier this year the Council unveiled a masterplan for an employment led mixed use regeneration.
Lavignac Securities has a track record of bringing large scale complex real estate schemes to the market with a portfolio across all key market sectors including residential, commercial, retail and student accommodation.
Its chief executive Greg Miller-Cheevers said: “We are delighted to have acquired this hugely important strategic site on the Eastside of Nottingham city centre and look forward to working with all stakeholders to bring forward its successful regeneration.”
The news has been welcomed by Nottingham City Council Leader, Cllr Jon Collins. He said: “The acquisition of the Island site by Lavignac looks like good news for the people of Nottingham. We have waited far too long for someone to fulfil this site’s potential and we look forward to seeing Lavignac’s plans to turn Eastside from a derelict area into a site the city can be proud of.”
Historically, the site was home of the Jesse Boot empire but for decades has largely been derelict. The land was earmarked almost 30 years ago by John Major’s Government City Challenge initiative as Nottingham’s answer to Canary Wharf – a community of homes, restaurants and offices built around canal extensions but nothing has materialised.
Lavignac says intends to bring forward plans by early 2017 and start development as early as the end of the year.
