Iconic Nottingham city centre building sold

Citra Living, the rental housing owner and operator and part of Lloyds Banking Group, has bought the prominent British Waterways building in Nottingham city centre.

The deal will bring forward 95 new partments to the private rental market as work begins on the site.

Citra, which operates a growing portfolio of more than 2,000 homes across the UK, has acquired the entirety of the Grade II-listed residential scheme.

The homes have been developed in partnership with H20 Urban, a long-term joint venture between developer bloc and the Canal & River Trust, which owns and manages the surrounding canal network.

The apartments to be marketed by Citra include a mix of studio, one- and two-bed homes plus communal space. Car parking spaces will be provided in the basement of the development, while secure internal cycle parking will also be included.

The refurbishment of the British Waterways building includes a rooftop extension that will provide eight apartments with views over the city.

The scheme forms part of Citra’s growing portfolio in the East Midlands. The rental housing owner and operator, which was established in 2021, has recently bought more than 100 homes across schemes in Nottingham and Leicester being brought forward by national housebuilder Keepmoat.

Local contractor Jessops Construction have been appointed by H2O to carry out the construction works which are expected to complete in early 2025.

Land receipts and profits from the project are expected to support the Canal & River Trust to fund the care and upkeep of historic canals and rivers.

Andy Hutchinson, managing director of Citra Living, said: “This unique heritage development is a major addition to our growing portfolio of homes, providing high-quality homes in an iconic and now fully revitalised building. As well as preserving this important building for years to come, the apartments will also help address a lack of purpose-built accommodation in Nottingham, as well as helping to look after the canal network.

“We’re working in partnership with a wide range of leading developers and housebuilders to address the increased demand for rental properties across the UK, and we look forward to any future opportunities our relationship with H20 Urban brings.”

Richard Thomas, CEO of H2O and director of bloc, said: “We are delighted to finalise our first deal with Citra Living and look forward to future projects with their support. The British Waterways building is just one example of our ability to deliver impactful developments that create vibrant, sustainable properties from underperforming real estate.

“Our alliances with Canal & River Trust and Network Rail allow for financial reinvestment in local communities through urban renewal, while ensuring environmental improvement.”

Richard Wherry, managing director at Jessops Construction, said: “We are delighted to be working with H2O Urban and Citra Living to deliver much needed accommodation within the city of Nottingham and are excited to bring new life into this historic building.”