Grade A office plans scrapped as Council pulls out of deal

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Plans to build Grade A office space in Nottingham city centre have been scrapped after the city council pulled out of a deal to sell a prime site to developers that has been almost three years in the making.

Nottingham City Council have said they will no longer be selling the site of the former Central Library on Angel Row to Henry Boots Developments because of “changes in economic context – according to Nottinghamshire Live.

The council will now place the site on the open market for sale.

Justin Sheldon, director at HBD, told Nottinghamshire Live: “It’s disappointing that Nottingham City Council has opted not to progress with the disposal and investment plans for Angel Row with HBD, which were well advanced.

“We have worked closely with the council over the past three years, progressing the plans in line with their requirements.

“The city is crying out for new office space, which is needed to satisfy the level of demand that exists from both existing businesses and those looking at Nottingham as a new location – even now during Covid.

“Angel Row would have helped to meet that need.”

The Central Library site closed at the beginning of lockdown in March. A new library is being built in the mixed-use scheme currently being constructed as part of the new Broadmarsh bus station and car park.

A Nottingham City Council report reads: “ Unfortunately, this sale to Henry Boot Developments Limited is no longer proceeding.

“As such, the most appropriate course of action is to place the property on the open market for sale. The sale will complete once the property has been vacated.

“It is proposed currently to offer the property for sale by informal tender.”

“HBD remains committed to investing in Nottingham and the wider region – the city remains a key focus for opportunities and continued investment, which is currently in excess of £70m, and we look forward to working with the council on future projects.”

 link source - The Business Desk https://www.thebusinessdesk.com/_files/images/sep_18/Nottingham_Central_Library-1.jpg

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