Developer hopes to serve up restaurant in former bank building
A developer with ambitions of reversing the fortunes of Nottingham’s high street has bought a prominent city centre building and is hoping to attract a high-end restaurant to occupy a ground floor space.
ALB Group is pressing on with its rejuvenation of local shopping streets after buying 11-15 Low Pavement.
The Grade II listed building housed the former TSB bank until it closed in 2020. Fragrance shop Jo Malone currently occupies number 15.
The firm has also acquired the adjacent 12 Pepper Street – home to the Pepper Rocks cocktail bar and creperie.
Pepper Rocks and Jo Malone now have a new landlord, in ALB Group, but the Nottingham-based developer says negotiations are ongoing with a view to extending their leases at the site, which is situated over three floors and features a courtyard as well as a roof terrace.
Arran Bailey, ALB’s managing director, said: “As we own the adjoining buildings it gives us greater control when it comes to regeneration of the area.
“We bought nearby buildings in the latter part of last year, and within less than six months, we had renovated and found exciting new tenants for those buildings, while reassuring existing tenants that we were out to turn the area around.
“We are delighted with the completion of the purchase, and excited for the future.”
The acquisition was made possible thanks to London-based McMullen Real Estate.
A spokesman for McMullen said: “McMullen Real Estate acted on behalf of Oakgate Group in the successful sale of the property.”
Oakgate Group put the building on the market last year.
