‘Landmark deals’ could be on the way at Nottingham development site

Pent-up office demand in Nottingham could see some landmark property deals announced y the new owners of the Boots Island site over the coming months, according to one local specialist.

Lavignac Securities has exchanged contracts and agreed to buy the 38-acre 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.

Jonathon Seddon, director at NG Chartered Surveyors, thinks that the door could finally be opening on the idea of speculative office development in Nottingham once again.

“This development site has had a difficult and long gestation for a variety of reasons and there are no guarantees that we’re about to see cranes on it anytime soon,” he said.

He added: “However, I applaud any individual or organisation with the courage and appetite to embark upon redevelopment and would wish Lavignac Securities well.

“I wouldn’t be at all surprised if they announced some landmark deals over the coming months as there’s a level of pent up demand among some large office occupiers who are seeking a quality of accommodation that the city’s currently not providing.”

Lavignac says intends to bring forward plans by early 2017 and start development as early as the end of the year.