Long-awaited Lace Market residential scheme completes
A Nottingham city centre residential scheme has been finished – five-and-a-half years after it received planning permission.
Edmond de Rothschild Real Estate Investment Management (REIM) has completed the Lace Market Quarter build-to-rent development in the city’s Lace Market area for its UK residential investment platform.
The development, at 10 Short Hill, is a partial refurbishment of Grade II-listed buildings and a partial new build. It provides 117 studio, one and two-bed apartments for rent across four adjacent blocks, linked by a central, communal landscaped courtyard. The unit mix along with 27 lower ground parking spaces meets the strong demand in the Nottingham market.
The plans were first revealed in 2017, and were given the go-ahead by Nottingham City Council planners in November 2018.
Edmond de Rothschild REIM says it expects to achieve rents that are “affordable for the majority of the population in the local market seeking rented accommodation”.
The development is managed and operated by Edmond de Rothschild REIM’s in-house private rental sector platform and comes after Saffron Court, its first development in Nottingham.
James Whidborne, head of residential fund management UK at Edmond de Rothschild REIM, said: “This is our second PRS project in Nottingham after Saffron Court, which reflects our enthusiasm for the city. Half of the population is under the age of 29, with very high graduate retention and a thriving biotech, life sciences and service sector industry. Demand for homes to rent is very high and we expect strong demand for our apartments”.
Zoe Innes, head of lettings, residential UK, at Edmond de Rothschild REIM, said: “We are very excited to launch the Lace Market Quarter, which due to its city centre location, the unique character within each of the flats and the quality of finish is already attracting young professionals. The unusual mix of charming period conversion apartments in the two listed buildings and the new build section with far-reaching views of the city combines with the benefits and convenience of build-to-rent living.”
